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ECONOMICS Test Bank #3 : Approved Study Set
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ECONOMICS Test Bank #2 : Approved Study Set
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ECONOMICS Test Bank #1 : Approved Study Set
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Understanding Economics Exam Review |Latest| UPDATED
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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 required in order to function in society 
want *Ans* the way or method that we satisfy needs 
trade-off *Ans* exchange of one thing for another 
economic analysis *Ans* illustrating how many economic ...
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Economics 101 Exam Study Set |100% Correct Answers|
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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 
economic surplus *Ans* the benefit of taking any action minus its cost 
opportunity cost *Ans* the value of the next-best alternative that must be foregone in 
order to undertake the activity 
posi...
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CIE A level Economics Practice Test |100% Correct Answers| LATEST
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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 cost expressed in terms of the benefits of the next best 
thing forgone 
Positive statments *Ans* Objective statements that can be backed with evidence 
Normative statements *Ans* Subjective statements...
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|UPDATED| Economics Final Exam Review 100% Correct
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|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 combination of two or more firms involved in different stages 
of producing the same good or service 
Shortage *Ans* a situation in which a good or service is unavailable 
Scarcity *Ans* limited qua...
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The Three Questions of Economics Exam Question |UPDATED|
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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 always changing. 
Businesses need to use limited resources wisely. 
Traditional methods of production are outdated. 
Businesses need to limit production. *Ans* Businesses need to use limited resources ...
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Economics GDP Practice Exam Questions 100% Correct
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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 changes 
measures economic growth 
Real GDP per capita *Ans* A measure that permits comparison of material living 
standards over time and among people in different nations (real GDP/population) 
pot...
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Latest Economics Exam Prep |Updated| 100% Correct Answers
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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 and services are produced, bought, and sold *Ans* Economy 
How much is available *Ans* Supply 
How much people want *Ans* Demand 
An economic system in which people choose freely what to buy and sell ...
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