WCC ECON QUESTIONS AND A+ PASSED ANSWERS 2023/2024

WCC ECON QUESTIONS AND A+ PASSED ANSWERS 2023/2024 productive efficiency - correct answer good or service is produced at the lowest possible cost allocative efficiency - correct answer individuals who desire a product the most get those goods equity - correct answer the fairness of various issues and policies economic obstacles - correct answer - unemployment - inflation increased unemployment -- decreased inflation examples of institutions - correct answer - households (own resources, vote for the products they want) - firms (combine resources to produce products, motivated by profit) - markets (characterized by voluntary exchange) - government (owns lots of resources, regulates our behavior) - custom/tradition types of economies - correct answer - traditional (custom-based) - command (government-based) - market (free-household interaction based) all allocates resources process of abstraction - correct answer - ignore less important factors when building models - model making good predictions = left the right things out occam's razor - correct answer the simpler of the two theories is more likely to be correct laffer curve - correct answer higher taxes create disincentive to work planned economies - correct answer - systems in which most economic decisions are made by central govs - socialist/communist factors of production - correct answer - land - labor - capital (equipment, etc) - entrepreneurial ability (absorb the risk of being in business) shifters of PPF - correct answer - labor/human capital - capital - technological change