Economics

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...

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 ...

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 Consumer/producer surplus in competitive market How does a change in demand single price change? Inelastic PEDcurve Elastic PED curve Unit elasticity (PED=1) Varying PED along a demand curve As yo...

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 people without being directed by anyone. What is the root of exchange behavior? *Ans* Human natural tendency toward division of labor to gain efficiency. Division of labor and exchange are human te...

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 their basic needs. Aggregate Demand (AD) *Ans* The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending a...

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 might prevent or reduce the amount of imports. anti-dumping *Ans* Legislation to protect an economy against the importing of a good at a price below its unit cost of production. appreciation *Ans*...

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...

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...

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 ...

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...