Economics
ECONOMICS
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Economics Multiple Choice Exam Review |UPDATED| 100% Correct # Latest
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Economics Multiple Choice Exam 
Review |UPDATED| 100% Correct # 
Latest 
We are forced to make choices because 
a. not everything is limited. 
b. shortages are a constant situation. 
c. we live in a democracy. 
d. all resources are limited. *Ans* all resources are limited 
The four factors of production are the resources of land, labor, capital, and 
a. services. 
b. entrepreneurship. 
c. technology. 
d. goods. *Ans* entrepreneurship 
A truck used by a plumber is a type of 
a. capital. 
b. lab...
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Academic Decathlon Economics: Final Exam Prep with 100% Correct Answers
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Academic Decathlon Economics: Final 
Exam Prep with 100% Correct Answers 
Scarcity *Ans* an inescapable fact of human existence that results from the fact that the 
available resources are always less than our limitless desires 
Opportunity Cost *Ans* the cost of any choice is what must be given up by making that 
choice 
Rationality *Ans* when individual choices are made by comparing the benefits and costs 
of different actions and then selecting the action that produces the greatest benefi...
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Edexcel 101 A-level Economics Paper 1 Exam Review |100% Correct|
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Edexcel 101 A-level Economics Paper 1 
Exam Review |100% Correct| 
Economics *Ans* The study of the allocation of scarce resources. 
Economic Goods *Ans* Resources that are scarce. 
Short Run *Ans* A time period where at least one factor of production is fixed. 
Long Run *Ans* A time period where all factors of production are variable. 
Productivity *Ans* The output per unit of input. 
The Economic Problem *Ans* Resources are scarce but wants are infinite. 
Scarcity *Ans* The world's resources ...
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Economics Preliminary Exam Study Set [100% Correct Answers]
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Economics Preliminary Exam Study Set 
[100% Correct Answers] 
The economic problem *Ans* Unlimited wants but we have limited resources. Resources 
a scarce and it is a challenge to allocate them to our unlimited wants. There are individual 
wants which are individual desires and collective wants which are wants of the whole 
community. This can change overtime. 
The need for choice *Ans* Choice is important. Economics is a study of how people 
choose to use their scarce resources. It is con...
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Final for Economics: 50 Questions Final Exam Questions |UPDATED|
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Final for Economics: 50 Questions Final 
Exam Questions |UPDATED| 
What is an economy? *Ans* The wealth and resources of a country or region 
What is economics? *Ans* It is the study of how people choose to use resources 
What are the three economic resources? *Ans* Land, labor, and capital 
Name two of the three economic questions. *Ans* What goods and services should be 
produced? 
How should these goods and services be produced? 
Who consumes these goods and services? 
Name two of the four ...
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OCR A Level Economics Exam with 100% Correct Answers # Latest
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OCR A Level Economics Exam with 
100% Correct Answers # Latest 
normative statement *Ans* an opinion that cannot be confirmed by referencing facts 
positive statement *Ans* a statement that can be proved by referencing facts 
why are economic models used? *Ans* theories cannot be tested in a controlled 
environment 
the basic economic problem *Ans* scarcity - consumer wants are always greater than 
available resources 
opportunity cost *Ans* the next best alternative foregone 
factors of prod...
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IB Economics HL Exam Review |Graded A+| Latest
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IB Economics HL Exam Review |Graded 
A+| Latest 
Ceteris paribus *Ans* all other things are being held equal 
positive economics *Ans* matters of economics that can be proven to be right or wrong 
by looking at the facts 
normative economics *Ans* matters of economics that are based upon opinion and so 
are incapable of being proven to be right or wrong 
scarcity *Ans* the limited availability of economic resources relative to societys 
unlimited demand for goods and services 
land *Ans* the...
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100 Economics Terms Exam Guide 100% Correct Answers
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100 Economics Terms Exam Guide 100% 
Correct Answers 
Scarcity *Ans* the limited nature of society's resources 
Economics *Ans* the study of how society manages its scarce resources 
Efficiency *Ans* the property of society getting the most it can from its scarce resources 
Equity *Ans* the property of distributing economic prosperity fairly among the 
members of society 
Opportunity cost *Ans* whatever must be given up to obtain some item 
Market economy *Ans* an economy that allocates resou...
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Economics Study Guide 100% Correct Answers #1 |verified|
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Economics Study Guide 100% Correct 
Answers #1 |verified| 
Economics *Ans* social science dealing with study of how people satisfy unlimited/ 
competing wants with careful use of scarce resources. 
Scarcity *Ans* fundamental economic problem facing all societies that result from a 
combination of scarce resources and peoples unlimited wants. 
Opportunity Costs *Ans* cost of next best alternative use of money, time, or resources 
when one choice is made rather than another. 
Trade off *Ans* a...
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Economics - Unit 1 Economics Fundamentals Exam Guide [100% Correct Answers]
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Economics - Unit 1 Economics 
Fundamentals Exam Guide [100% 
Correct Answers] 
economics *Ans* 1. the study of how individuals and nations make choices about ways to use 
scarce resources to fulfill their needs and wants 
2. Social science that deals with the study of the production, consumption, distribution of goods 
and services and the transfer of wealth to obtain those goods and services. 
scarcity *Ans* a situation in which unlimited wants exceed the limited resources available to 
fu...