ECONOMICS FINAL QUESTIONS AND GRADED ANSWERS,
100% GUARANTEE
capital good - manufactured good used to produce other goods or services
nondurable good - food is an example of one
production possibilities curve (PPC) - represents the range of production possibilities
scarcity - a fundamental problem in every society
A nation's wealth is determined by its - accumulation of all tangible products.
The most comprehensive measure of a nation's wealth is provided by its - gross domestic
product. (GDP)
Which of the following statements best describes the purpose of the production possibilities
curve? - It identifies all possible combinations of goods and services an economy can
produce.
Which of the following descriptions best explains the meaning of opportunity cost? - the
cost of choosing one alternative over another.
Consumers waiting in long lines for a new product is an example of - consumer
responsibilities.
When a nation's total output increases over time, the nation is experiencing - economic
growth.
, The efficient use of scarce resources leads to an increase in - productivity.
When a business needs to decide whether a certain action is worth the cost, the most helpful
analysis would be a - cost-benefit analysis.
The study of economics involves - explaining how people deal with scarcity.
Socialism - system in which government owns and controls some factors of production
Market - mechanism through which buyers and sellers of an economic product or service
come together
Mixed economy - system that has some combination of traditional, command, and market
economies
Great Depression - worst period of economic decline in U.S. history, lasting from approx.
1929-1939
Voucher - certificate used to purchase government-owned property during privatization
Collectivization - forced common ownership of factors of production
Capital-intensive - requiring large amounts of investment in equipment in relation to labor
Population density - number of people per square mile of land area
Which of these statements describes a disadvantage of a traditional economy? - New ways
of doing things are discouraged.
100% GUARANTEE
capital good - manufactured good used to produce other goods or services
nondurable good - food is an example of one
production possibilities curve (PPC) - represents the range of production possibilities
scarcity - a fundamental problem in every society
A nation's wealth is determined by its - accumulation of all tangible products.
The most comprehensive measure of a nation's wealth is provided by its - gross domestic
product. (GDP)
Which of the following statements best describes the purpose of the production possibilities
curve? - It identifies all possible combinations of goods and services an economy can
produce.
Which of the following descriptions best explains the meaning of opportunity cost? - the
cost of choosing one alternative over another.
Consumers waiting in long lines for a new product is an example of - consumer
responsibilities.
When a nation's total output increases over time, the nation is experiencing - economic
growth.
, The efficient use of scarce resources leads to an increase in - productivity.
When a business needs to decide whether a certain action is worth the cost, the most helpful
analysis would be a - cost-benefit analysis.
The study of economics involves - explaining how people deal with scarcity.
Socialism - system in which government owns and controls some factors of production
Market - mechanism through which buyers and sellers of an economic product or service
come together
Mixed economy - system that has some combination of traditional, command, and market
economies
Great Depression - worst period of economic decline in U.S. history, lasting from approx.
1929-1939
Voucher - certificate used to purchase government-owned property during privatization
Collectivization - forced common ownership of factors of production
Capital-intensive - requiring large amounts of investment in equipment in relation to labor
Population density - number of people per square mile of land area
Which of these statements describes a disadvantage of a traditional economy? - New ways
of doing things are discouraged.
