BUNDLE - ECON EXAMS

ECON test answers 100% correct 2023-24 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 o...

econ exam questions & answers 2023-24 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 Supp...

ECON EXAM 1 ANSWERS 100% CORRECT 2023-24 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...

Econ exam review questions & answers 2023-24 needs - ANSWER-Things such as food, clothing, and shelter, that are necessary for survival wants - ANSWER-desires that can be satisfied by consuming a good or desire producers - ANSWER-a person who makes goods or services consumers - ANSWER-...

ECON EXAM QUESTIONS & ANSWERS 2023-24 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...

ECON EXAM 1 QUESTIONS & ANSWERS 2023-24 Economics is the study of - ANSWER-scarcity and choice What type of economics is "used to answer questions about the way the world works, questions that have definite right and wrong answers?" - ANSWER-positive What type of economics "involves sa...

Econ Final Exam Questions & Answers 2023-24

ECON exam 1 questions & answers 2023-24 What is economics? - ANSWER-the study of how people use their scarce resources to satisfy their unlimited wants Define land, labor, capital, and entrepreneurial ability. Name the payment for each of these resources. - ANSWER-Labor: Physical and mental ...

ECON EXAM 1 QUESTIONS & ANSWERS 2023-24 There is great concern over the fact that global warming is causing permanent damage to the global environment. A study of the costs and benefits of purchasing carbon offsets to combat global warming is an example of A) labor economics. B) normative e...

Econ exam questions & answers 2023-24

Econ exam questions & answers 2023-24 The study if the choices that individuals and societies make in the production, distribution, and consumption of goods - ANSWER-Economics The study of national and international economies and how these major economies are affected by large scale choices ...

Econ Exam 1 CH. 1-9 Questions & Answers 2023-24 The overriding reason as to why households and societies face many decisions is that - ANSWER-resources are scarce True or False Economists are usually not allowed to conduct experiments and so they must rely on natural experiments offered by ...