Economic
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ECON EXAM WITH 100% CORRECT ANSWERS 2024 GRADED A+
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Which of the following is NOT a producer? - answer-An unemployed college student 
 
Which of the following is an ethereal added utility to a consumer? - answer-The smell of espresso 
 
What is the primary difference between microeconomics and macroeconomics? - answer-Microeconomics looks at scarcity for companies, while macroeconomics looks at it for entire economies. 
 
In economics, scarcity means that: - answer-There is a finite amount of resources. 
 
Economy A has a comparative advantage ov...
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Pearson Answers Econ Exam 1 with 100% correct answers 2024
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Should a competitive firm ever produce when it is losing money? Why or why not? - answer-Yes, as long as revenue can cover total variable costs plus any portion of fixed costs. 
 
Suppose a competitive firm has cost, 
C = (0.002q3) + (22q) + 750, 
marginal cost, 
MC = 0.006q2 + 22, 
and revenue, 
R = 80q. 
 
1) If the firm produces 150 units of output then what is true about MR and MC? 
 
2)At this output level (150 units).... 
 
3) The firm's profit maximizing level of output is - answer...
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econ exam with 100% correct answers 2024.
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which statement best explains why countries must make tradeoffs - answer-National production is limited by the availability of scarce natural resources 
 
What is the primary incentive for business owners in a market economy - answer-Earning profits 
 
Suppose a new federal budget raises health care spending by 15 million what is the opportunity cost of that change - answer-The alternative uses of the additional money spent 
 
Zoe is deciding which of two posters to buy one is regularly priced a...
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Final Exam Questions Economics with correct answers 2024
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Economics is about - answer-Choice people make to satisfy their needs and wants 
 
Food, clothing, and shelter are examples of human - answer-need 
 
A resource is - answer-materials that are needed by a producer to make a good or service 
 
the buildings, structures, machinery, and tools used in the production process are called - answer-capital resources 
 
an entrepreneur is a - answer-person who is willingly risk failure to start a new business or introduce a new product 
 
The basic fact of...
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Econ Final Exam Questions& Answers graded A+ with correct answers 2024
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Why are the issues of scarcity and choice the basis of economics? - answer-There will never be enough of everything to satisfy everyone completely. There has to be a limit 
 
What is the difference between scarcity and shortage - answer-Scarcity-principal that limited amounts of goods and services are available to meet unlimited wants, always exists 
shortage-lack of something desired, temporary or long-term 
 
why does every decision a person makes involves trades offs and opurtunity costs - an...
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ECON EXAM 1 with 100% correct answers 2024.
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You are looking at the market (supply and demand) for hot dog buns. You see in the paper that the price of hot dogs has increased significantly. As a result, in the market for hot dog buns we would expect to see... - answer-Demand shift left, producing a lower equilibrium price, and higher equilibrium quantity 
 
Consider these three headlines... 
I. Microsoft Lowers the Price of Windows 10 
II. U.S. Economy Enters Recession 
III. Mergers in the Banking Industry Limit Choices for Customers 
 
Ma...
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Econ Final Exam with correct answers 2024.
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Which of the following is an example of using physical capital to save time and money? - answer-Building extra space in a factory to simplify production. 
 
Every decision involves tradeoffs because what? - answer-Everyone's resources are limited 
 
Production possibilities curve shows the relationship between the production of... - answer-Any two categories of goods 
 
An economy that is producing the maximum amount of goods and services is considered... - answer-Efficient 
 
A music store hol...
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ECON test with 100% ECON test correct answer 2024.
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An economy that contains both perfect and imperfect competition and both regulated and nonregulated industries is known as - answer-mixed economy 
 
An economys production possibilities curve could shift outward as a result of an - answer-increased level of technology 
 
which one of the following is a charecteristic of capitalism but not of communism? - answer-private property 
 
Full employment describes the condition in which - answer-95 to 96 percent of the civilian labor force is employed 
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Class Notes Of class 12th Economic Chapter 2- Indian Economy (1950-1990)
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"Comprehensive Class 12th Economics notes on 'Indian Economy ()' encapsulate India's economic journey from independence to liberalization. Covering pivotal policies like Five-Year Plans, Green Revolution, and nationalization, these notes offer deep insights into India's economic evolution, making them invaluable for students aiming to grasp the nation's economic history and its impact on contemporary policies."
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Inspiration
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