EPF Final Questions and Correct Detailed Answers
(Verified Answers) ||Already Graded A+||Newest
Version
Quiz: What is the definition of economics?
Ans: "The study of the use of scarce resources that have alternate uses"
Quiz: Something that motivates a person to take a particular course or
action.
Ans: Incentive
Quiz: The "value" of the next most likely choice for the use of a resource
that is given up when making a choice.
Ans: Opportunity cost
Quiz: The law that actions of people and governments always have effects
that are not expected
Ans: The law of unintended consequences
Quiz: What you are making when you choose one thing over another?
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+254707240657]
o For online exams and tutor expert, please whatsapp
me in the number given.
, Ans: A tradeoff
Quiz: The law that states that as you make use of more additional units of a
resource, the additional utility you get for each additional unit becomes less
and less
Ans: Law of Diminishing Marginal Utility
Quiz: Inputs that go into the production of goods and services that will satisfy
the economic wants of the society.
Ans: Productive resources (a.k.a. factors of production)
Quiz: Hello and
Ans: WELCOME TO UNIT THREE.
Quiz: What is profit motive?
Ans: How profits are the incentive and the reward to work or start a business.
Quiz: Why are profits important in a market economy?
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+254707240657]
o For online exams and tutor expert, please whatsapp
me in the number given.
, Ans: They are the incentive and the reward to work or start a business, and
they are payment for the risk involved in doing economic activity.
Quiz: Who is paid last from a business's operations?
Ans: The owner
Quiz: Why are property rights important in a market economy?
Ans: They enable people to start a business without interference from the
government.
Quiz: How does a government normally intervene in a market economy? (6)
Ans: Protecting property rights and contracts, promoting the general welfare,
provide projects and programs that benefit society as a whole, preserving
competition; protecting consumers, workers, and the environment; stabilizing
the economy
Quiz: You are an applesauce salesman in Wisconsin. The people of Wisconsin
LOVE their applesauce, so they pay $50,000 per ounce of your applesauce.
Applesauce costs 1 cent per ounce to make, and you pay your workers
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+254707240657]
o For online exams and tutor expert, please whatsapp
me in the number given.
(Verified Answers) ||Already Graded A+||Newest
Version
Quiz: What is the definition of economics?
Ans: "The study of the use of scarce resources that have alternate uses"
Quiz: Something that motivates a person to take a particular course or
action.
Ans: Incentive
Quiz: The "value" of the next most likely choice for the use of a resource
that is given up when making a choice.
Ans: Opportunity cost
Quiz: The law that actions of people and governments always have effects
that are not expected
Ans: The law of unintended consequences
Quiz: What you are making when you choose one thing over another?
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+254707240657]
o For online exams and tutor expert, please whatsapp
me in the number given.
, Ans: A tradeoff
Quiz: The law that states that as you make use of more additional units of a
resource, the additional utility you get for each additional unit becomes less
and less
Ans: Law of Diminishing Marginal Utility
Quiz: Inputs that go into the production of goods and services that will satisfy
the economic wants of the society.
Ans: Productive resources (a.k.a. factors of production)
Quiz: Hello and
Ans: WELCOME TO UNIT THREE.
Quiz: What is profit motive?
Ans: How profits are the incentive and the reward to work or start a business.
Quiz: Why are profits important in a market economy?
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+254707240657]
o For online exams and tutor expert, please whatsapp
me in the number given.
, Ans: They are the incentive and the reward to work or start a business, and
they are payment for the risk involved in doing economic activity.
Quiz: Who is paid last from a business's operations?
Ans: The owner
Quiz: Why are property rights important in a market economy?
Ans: They enable people to start a business without interference from the
government.
Quiz: How does a government normally intervene in a market economy? (6)
Ans: Protecting property rights and contracts, promoting the general welfare,
provide projects and programs that benefit society as a whole, preserving
competition; protecting consumers, workers, and the environment; stabilizing
the economy
Quiz: You are an applesauce salesman in Wisconsin. The people of Wisconsin
LOVE their applesauce, so they pay $50,000 per ounce of your applesauce.
Applesauce costs 1 cent per ounce to make, and you pay your workers
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+254707240657]
o For online exams and tutor expert, please whatsapp
me in the number given.
