economics - unit 2 exam questions with correct answers

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economics - unit 2 exam questions with correct answers

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2026/2027

Institution Economics

Module Economics

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economics - unit 2 exam questions with correct answers

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economics - unit 2 exam questions with
correct answers

which are characteristics of macroeconomics? select all that apply. -
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CORRECT ANSWER✔✔-it deals with the overall condition of the
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economy.

it measures exports and imports for international trade.
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what do traditional and command economies have in common? -
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CORRECT ANSWER✔✔-a focus on the community rather than the
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individual

which are fundamental principles of economics? select all that apply. -
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CORRECT ANSWER✔✔-how will it be produced?
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how will it be distributed?
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, why is scarcity a significant problem? - CORRECT ANSWER✔✔-it forces
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people to make choices. | | |

read the sentence. | |

the three basic economic questions everyone must answer are
| | | | | | | | |

_[blank]_.

which most accurately completes the sentence? - CORRECT
| | | | | | | |

ANSWER✔✔-what to produce, how to produce, and for whom to | | | | | | | | | |

produce

why do business owners have to answer the three economic questions?
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- CORRECT ANSWER✔✔-the answers determine the best way to use
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their resources. |

read the sentence. | |

a person visits the grocery store to buy the materials to make and sell
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fudge door-to-door. |

what factors of production are being used? - CORRECT ANSWER✔✔-all
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of the factors: land, labor, and capital
| | | | | |

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Uploaded on: August 23, 2026
Number of pages: 7
Written in: 2026/2027
Type: Exam (elaborations)
Contains: Questions & answers

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