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ECONOMICS Test Bank #1 : Approved Study Set
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[Montrer plus]International Economics Exam Study Set 
100% Correct Answers 
absolute advantage *Ans* Where a country is able to produce more output than other 
countries using the same input of factors of production. 
administrative barriers (in the context of trade) *Ans* Any administrative requirement 
that ...
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Ajouter au panierInternational Economics Exam Study Set 
100% Correct Answers 
absolute advantage *Ans* Where a country is able to produce more output than other 
countries using the same input of factors of production. 
administrative barriers (in the context of trade) *Ans* Any administrative requirement 
that ...
Edexcel A-Level Economics A: 
Definitions Exam Guide |Graded A+| 
100% Correct Answers 
Absolute advantage *Ans* When a country's output of a product per unit of input is 
greater than that of any other country. 
Absolute poverty *Ans* When a person does not have the income or wealth to fulfil the...
Aperçu 3 sur 24 pages
Ajouter au panierEdexcel A-Level Economics A: 
Definitions Exam Guide |Graded A+| 
100% Correct Answers 
Absolute advantage *Ans* When a country's output of a product per unit of input is 
greater than that of any other country. 
Absolute poverty *Ans* When a person does not have the income or wealth to fulfil the...
ECON-100 Exam Study Set [100% 
Correct Answers] 
What is economics? *Ans* A study of how people make choices to achieve goals with 
resource constraints. 
What is meant by "the invisible hand?" *Ans* The "invisible hand" means that the 
division of labor and exchange occur naturally among peo...
Aperçu 4 sur 32 pages
Ajouter au panierECON-100 Exam Study Set [100% 
Correct Answers] 
What is economics? *Ans* A study of how people make choices to achieve goals with 
resource constraints. 
What is meant by "the invisible hand?" *Ans* The "invisible hand" means that the 
division of labor and exchange occur naturally among peo...
IB Economics Diagrams for Exam Prep 
|UPDATED| 
Negative Externalities 
The government will increase MPC to match MSC. 
Effects of indirect taxes on consumer and producer surplus 
Market Demand 
Movement on curve vs. shift of curve (demand/supply same concept) 
Market supply 
Market equilibrium 
Co...
Aperçu 2 sur 8 pages
Ajouter au panierIB Economics Diagrams for Exam Prep 
|UPDATED| 
Negative Externalities 
The government will increase MPC to match MSC. 
Effects of indirect taxes on consumer and producer surplus 
Market Demand 
Movement on curve vs. shift of curve (demand/supply same concept) 
Market supply 
Market equilibrium 
Co...
Latest Economics Exam Prep |Updated| 
100% Correct Answers 
Any item that can be traded for goods or services *Ans* Money 
Anything that has value that can be touched *Ans* Goods 
Job done for money *Ans* Services 
When there is too much money and it becomes worthless *Ans* Inflation 
The way goods ...
Aperçu 1 sur 4 pages
Ajouter au panierLatest Economics Exam Prep |Updated| 
100% Correct Answers 
Any item that can be traded for goods or services *Ans* Money 
Anything that has value that can be touched *Ans* Goods 
Job done for money *Ans* Services 
When there is too much money and it becomes worthless *Ans* Inflation 
The way goods ...
Economics GDP Practice Exam 
Questions 100% Correct 
Gross Domestic Product *Ans* -The total market value of all final goods and services 
produced within the borders of a country during one year 
-A basic measure of a country's output and income 
real GDP *Ans* -adjusted for inflation and price ...
Aperçu 2 sur 5 pages
Ajouter au panierEconomics GDP Practice Exam 
Questions 100% Correct 
Gross Domestic Product *Ans* -The total market value of all final goods and services 
produced within the borders of a country during one year 
-A basic measure of a country's output and income 
real GDP *Ans* -adjusted for inflation and price ...
The Three Questions of Economics 
Exam Question |UPDATED| 
The three questions of economics best help in making decisions about __________. 
*Ans* Production 
Which of the following best illustrates the importance of addressing the three questions of 
economics? 
People's desires and needs are al...
Aperçu 2 sur 7 pages
Ajouter au panierThe Three Questions of Economics 
Exam Question |UPDATED| 
The three questions of economics best help in making decisions about __________. 
*Ans* Production 
Which of the following best illustrates the importance of addressing the three questions of 
economics? 
People's desires and needs are al...
|UPDATED| Economics Final Exam 
Review 100% Correct 
Economics *Ans* the study of how people seek to satisfy their needs and wants by 
making choices 
Horizontal Merger *Ans* the combination of two or more firms competing in the same 
market with the same good or service 
Vertical Merger *Ans* the...
Aperçu 2 sur 9 pages
Ajouter au panier|UPDATED| Economics Final Exam 
Review 100% Correct 
Economics *Ans* the study of how people seek to satisfy their needs and wants by 
making choices 
Horizontal Merger *Ans* the combination of two or more firms competing in the same 
market with the same good or service 
Vertical Merger *Ans* the...
CIE A level Economics Practice Test 
|100% Correct Answers| LATEST 
Economic problem *Ans* limited resources and unlimited wants 
marginal cost *Ans* the increase in total cost that arises from an extra unit of 
production 
Ceteris parabus *Ans* All this held consant 
Opportunity Cost *Ans* The co...
Aperçu 2 sur 11 pages
Ajouter au panierCIE A level Economics Practice Test 
|100% Correct Answers| LATEST 
Economic problem *Ans* limited resources and unlimited wants 
marginal cost *Ans* the increase in total cost that arises from an extra unit of 
production 
Ceteris parabus *Ans* All this held consant 
Opportunity Cost *Ans* The co...
Economics 101 Exam Study Set |100% 
Correct Answers| 
economics *Ans* the study of how people make choices under conditions of scarcity and 
of the results of those choices for society 
rational person *Ans* someone with well-defined goals who tries to fulfill those goals as 
best as he or she can...
Aperçu 3 sur 18 pages
Ajouter au panierEconomics 101 Exam Study Set |100% 
Correct Answers| 
economics *Ans* the study of how people make choices under conditions of scarcity and 
of the results of those choices for society 
rational person *Ans* someone with well-defined goals who tries to fulfill those goals as 
best as he or she can...
Understanding Economics Exam Review 
|Latest| UPDATED 
economics *Ans* the study of how people satisfy seemingly unlimited wants with limited 
resources 
macroeconomics *Ans* the study of economics on a large scale 
microeconomics *Ans* the study of economics on a small scale 
need *Ans* anything ...
Aperçu 3 sur 18 pages
Ajouter au panierUnderstanding Economics Exam Review 
|Latest| UPDATED 
economics *Ans* the study of how people satisfy seemingly unlimited wants with limited 
resources 
macroeconomics *Ans* the study of economics on a large scale 
microeconomics *Ans* the study of economics on a small scale 
need *Ans* anything ...
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