Economics Final ) (Solved Questions 100% VERIFIED QUESTIONS AND ANSWERS)

Economics Final EXAM 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. 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