ETS Exam Study Sets Economics/BUSINESS
FULLY SOLVED #10
The social science concerned with the use of scarce resources like land and labor used
to fulfill unlimited human wants.
A) Accounting
B) Marketing
C) Finance
D) Economics - correct answer C) Economics
Inputs used to produce the goods and services that humans want
A) Resources
B) Capital
C) Money
D) Labor - correct answer A) Resources
Tangible item that is used to satisfy wants:
A) Service
B) Good
C) Money
D) Goal - correct answer A) Good
Intangible activity used to satisfy wants - correct answer service
Human effort, both physical and mental is also known as
A) Strength
B) Work
C) Labor
D) Movement - correct answer C) Labor
Explain Positive vs. Normative Economics - correct answer Positive economics is what
something is and can be measured
The cost incurred by choosing one option over the alternative
A) Fixed Cost
B) Missing Cost
C) Choosing Cost
D) Opportunity Cost - correct answer D) Opportunity Cost
Explain the Production possibilities frontier - correct answer A graph that shows the
trade off between two goods. Producing on the curve means resources are fully
employed.
FULLY SOLVED #10
The social science concerned with the use of scarce resources like land and labor used
to fulfill unlimited human wants.
A) Accounting
B) Marketing
C) Finance
D) Economics - correct answer C) Economics
Inputs used to produce the goods and services that humans want
A) Resources
B) Capital
C) Money
D) Labor - correct answer A) Resources
Tangible item that is used to satisfy wants:
A) Service
B) Good
C) Money
D) Goal - correct answer A) Good
Intangible activity used to satisfy wants - correct answer service
Human effort, both physical and mental is also known as
A) Strength
B) Work
C) Labor
D) Movement - correct answer C) Labor
Explain Positive vs. Normative Economics - correct answer Positive economics is what
something is and can be measured
The cost incurred by choosing one option over the alternative
A) Fixed Cost
B) Missing Cost
C) Choosing Cost
D) Opportunity Cost - correct answer D) Opportunity Cost
Explain the Production possibilities frontier - correct answer A graph that shows the
trade off between two goods. Producing on the curve means resources are fully
employed.
