SURVEY OF ECONOMICS COMPREHENSIVE
EXAM SCRIPT VERIFIED QUESTIONS AND
SOLUTIONS GRADED APLUS
●● Microeconomics
Answer: Economic study of smaller units, choices of firms and
households, and interaction in markets for particular goods and services.
●● Macroeconomics
Answer: Economic study of the aggregate economics of nations and how
economies interact and trade with each other.
●● Resources
Answer: Land, human effort and skill, machines and factories, and
entrepreneurship.
●● Scarcity
Answer: The effect of humanity's unlimited desire for resources
exceeding the limited amount there are available to us.
●● The Economic Problem
Answer: Scarcity forces us to choose how to allocate resources.
, ●● Inputs
Answer: Labor: mental and physical effort expended by people in
producing goods and services.
Land: The natural resources used in production of goods and services.
Capital: Equipment and structures used to produce goods and services,
including human skills, training, education, and knowledge.
Entrepreneurship: The combination of labor, land, and capital to produce
goods and services.
●● Goods
Answer: Material, Tangible items we desire.
●● Examples of Goods
Answer: Gold, corn, and gasoline.
●● Services
Answer: Intangible acts we pay for to happen.
●● Example of Services
Answer: Haircuts, political equality.
●● Economic Goods
Answer: Goods that are desired but limited in supply.
EXAM SCRIPT VERIFIED QUESTIONS AND
SOLUTIONS GRADED APLUS
●● Microeconomics
Answer: Economic study of smaller units, choices of firms and
households, and interaction in markets for particular goods and services.
●● Macroeconomics
Answer: Economic study of the aggregate economics of nations and how
economies interact and trade with each other.
●● Resources
Answer: Land, human effort and skill, machines and factories, and
entrepreneurship.
●● Scarcity
Answer: The effect of humanity's unlimited desire for resources
exceeding the limited amount there are available to us.
●● The Economic Problem
Answer: Scarcity forces us to choose how to allocate resources.
, ●● Inputs
Answer: Labor: mental and physical effort expended by people in
producing goods and services.
Land: The natural resources used in production of goods and services.
Capital: Equipment and structures used to produce goods and services,
including human skills, training, education, and knowledge.
Entrepreneurship: The combination of labor, land, and capital to produce
goods and services.
●● Goods
Answer: Material, Tangible items we desire.
●● Examples of Goods
Answer: Gold, corn, and gasoline.
●● Services
Answer: Intangible acts we pay for to happen.
●● Example of Services
Answer: Haircuts, political equality.
●● Economic Goods
Answer: Goods that are desired but limited in supply.
