ETS Exam Study Sets Economics-BUSINESS FULLY SOLVED -10

ETS Exam Study Sets Economics/BUSINESS
FULLY SOLVED #10
The social science concerned with the use of scarce resources like land and labor used
to fulfill unlimited human wants.
A) Accounting
B) Marketing
C) Finance
D) Economics - correct answer C) Economics

Inputs used to produce the goods and services that humans want
A) Resources
B) Capital
C) Money
D) Labor - correct answer A) Resources

Tangible item that is used to satisfy wants:
A) Service
B) Good
C) Money
D) Goal - correct answer A) Good

Intangible activity used to satisfy wants - correct answer service

Human effort, both physical and mental is also known as
A) Strength
B) Work
C) Labor
D) Movement - correct answer C) Labor

Explain Positive vs. Normative Economics - correct answer Positive economics is what
something is and can be measured

The cost incurred by choosing one option over the alternative
A) Fixed Cost
B) Missing Cost
C) Choosing Cost
D) Opportunity Cost - correct answer D) Opportunity Cost

Explain the Production possibilities frontier - correct answer A graph that shows the
trade off between two goods. Producing on the curve means resources are fully
employed.