ECO Exam 1 Updated Questions and Verified
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Terms in this set (36) QUESTIONS VERIFIED ANSWERS
1) the study of the choices that individuals make economics
given the presence of scarcity and how humans
coordinate their wants
2) limited resources but unlimited wants scarcity
3) What are six types of resources? land, nonhuman animal,
labor, capital, technology,
entrepreneurial ability
4) the institutional structure through which the economy
individuals in a society coordinate their diverse
wants
5) What three things will the economy determine the what, and how much to
answer to? produce
, how to produce it
for whom to produce it
6) Sunk costs are... in the past
7) We do things to the point where... marginal cost=marginal
benefit
8) a statement that can be tested, proven, or positive statement
disproven
9) a statement of opinion, cannot be proven or normative statement
disproven
10) What does ceteris paribus mean? holding all else constant
11) the study of how individual choices are microeconomics
influenced by economic forces
12) the study of aggregates (the whole economy) macroeconomics
13) independent variable completely determines value deterministic relationship
of dependent variable
14) other things besides the independent variable stochastic relationship
influence the value of the dependent variable
15) a graph that shows the combination of two production possibility
commodities that can be produced given a fixed frontier
level of technology and resources being used
efficiently at a fixed point in time
16) The law of increasing marginal opportunity costs increase
says that as an economy produces more of a good,
Answers/ Complete Solutions with Rationales |Get It
100% Accurate!! Already Passed!!
Terms in this set (36) QUESTIONS VERIFIED ANSWERS
1) the study of the choices that individuals make economics
given the presence of scarcity and how humans
coordinate their wants
2) limited resources but unlimited wants scarcity
3) What are six types of resources? land, nonhuman animal,
labor, capital, technology,
entrepreneurial ability
4) the institutional structure through which the economy
individuals in a society coordinate their diverse
wants
5) What three things will the economy determine the what, and how much to
answer to? produce
, how to produce it
for whom to produce it
6) Sunk costs are... in the past
7) We do things to the point where... marginal cost=marginal
benefit
8) a statement that can be tested, proven, or positive statement
disproven
9) a statement of opinion, cannot be proven or normative statement
disproven
10) What does ceteris paribus mean? holding all else constant
11) the study of how individual choices are microeconomics
influenced by economic forces
12) the study of aggregates (the whole economy) macroeconomics
13) independent variable completely determines value deterministic relationship
of dependent variable
14) other things besides the independent variable stochastic relationship
influence the value of the dependent variable
15) a graph that shows the combination of two production possibility
commodities that can be produced given a fixed frontier
level of technology and resources being used
efficiently at a fixed point in time
16) The law of increasing marginal opportunity costs increase
says that as an economy produces more of a good,
