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LSU Econ 2000 Exam 1 Test Questions and Answers Rated A lack of enough resources to satisfy all desired uses of those sources four basic factors of production labor, land, capital, entrepreneurship resource inputs used in the production of goods and services, the outputs the study of how to best allocate scarce resources among competing uses "the most desired goods or services that are forgone to obtain someth

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13 pages

Written in 2026/2027

Grade A+

MERCYTRISHIA

Factors of Production - ANSWERSLabor, Land, Capital, Entrepreneurship Opportunity Cost - ANSWERSwhat is given up to get something else Efficiency - ANSWERSmaximum output of a good from resources used in production The Market Mechanism - ANSWERS"the invisible hand" what? how? for whom? Gross Domestic Product (GDP) - ANSWERStotal market value of all final goods and services produced within a nation's borders in a given time period GDP per capita - ANSWERSGDP/ total populati...

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7 pages

Written in 2024/2025

Grade A+

Bestgrades2

LSU ECON 2000: Exam 1 Sample Test, MARX with Answers Rated A For which of the following goods is the income elasticity of demand likely lowest? A. Water B. Sapphire Pendant Necklaces A C. Filet Mignon Steaks D. Fresh Fruit Suppose Phil and Miss Kay are the only consumers in the market. If the price is $12, then the market quantity demanded is D A. 4 units B. 6 units C. 0 units D. 2 units If a decrease in income increases the demand for a good, then the good is a(n) A. Substitute ...

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10 pages

Written in 2026/2027

Grade A+

MERCYTRISHIA

scarcity - ANSWERSlack of enough resources to satisfy all desired uses of those sources four basic factors of production - ANSWERSlabor, land, capital, entrepreneurship factors of production - ANSWERSresource inputs used in the production of goods and services, the outputs economics - ANSWERSthe study of how to best allocate scarce resources among competing uses opportunity cost - ANSWERS"the most desired goods or services that are forgone to obtain something else" anytime we ...

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10 pages

Written in 2024/2025

Grade A+

Bestgrades2