Global Scholars’ Resource Hub

economics correct answers social science concerned with making optimal choices under conditions of scarcity -economics wants exceed productive capacity economic perspective correct answers features of WHAT: -scarcity and choice -purposeful behavior -marginal analysis scarcity and choice correct answers feature of econ. POV: -resources= scarce, -choices must be made -opportunity cost (There's no free lunch) purposeful behavior correct answers this feature of Econ POV. relies on ...

Total Revenue correct answers Price x Quantity consumer surplus correct answers difference between market price and what consumers are willing to pay producer surplus correct answers difference between market price and the price at which firms are willing to supply it Deadweight loss correct answers the loss of consumer surplus and producer surplus caused by the inefficiency of a market that is not operating at equilibrium economic (total) surplus correct answers consumer surplus + p...

Which of the following best describes scarce resources? correct answers Resources for which the quantity that people want exceeds the quantity that is freely available Which of the following statements is TRUE? correct answers Both life-saving drugs and ice cream are examples of scarce goods. Economics is primarily the study of ________. correct answers agents' choices and their impact on society Which of the following is an example of a positive economic statement? correct answers An ...

Suppose that an economy is producing on its production possibilities curve but is not producing quantities of each good where the marginal benefit equals the marginal cost for each good. This economy . . . correct answers can improve its allocation by producing more of one good and less of the other. The economizing problem is one of deciding how to make the best use of . . . correct answers limited resources to satisfy virtually unlimited wants. In moving along a given budget line . . . c...

Economic Rent correct answers Payment of use of any resource above opportunity cost Disadvantage of Corporate form of business organization correct answers Double taxation Economic profit can be calculated as correct answers Total revenue-explicit costs-implicit cost In a partnership legal responsibility for all debts is correct answers Shared by partners Implicit costs are measured by correct answers The value of the next best alternative use of inputs Interest is paid to correct...

Short Run correct answers a period of time when plant capacity and the number of firms in the industry cannot change. The Long Run correct answers a period of time long enough for firms to alter their plant capacity and for the number of firms in the industry to change. Elastic supplies are very responsive to ________ __________ correct answers price changes Deadweight loss correct answers The loss in consumer and producer surplus due to inefficiency because some transactions cannot be ...

1. Why do countries trade? What causes there to be benefits to trade? correct answers Trade makes everyone better off because consumptions is much higher when trade is involved. Causes- Absolute Advantage: producing a good using fewer inputs than another producer. If Each country has absolute advantage in 1 good + specializes in that good then both countries gain from trade, Comparative advantage: the ability to produce a good at a lower opportunity cost than another producer. When each country ...

The Study of how people, institutions, and society make economic choices under conditions of scarcity. correct answers economics The Value of the good, service, or time forgone to obtain something else. correct answers opportunity cost A viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal costs of their actions. correct answers economic perspective The satisfaction obtained from consuming a good or service. correct answers utility ...

A consumer's willingness to pay reflects the correct answers minimum price at which an individual would buy a given good or service Consumers' willingness to pay for a good is used to derive the _____ for that good correct answers cost production Consumer surplus is represented by the area _____ the demand curve and _____ the price that the consumer pays. correct answers below; above Total Surplus is correct answers the sum of consumer & producer surplus Markets work because they a...

Which of the following lies primarily within the realm of macroeconomics? correct answers a study of how tax cuts stimulate aggregate production In which of the following countries will the national government have the greatest influence with respect to the nation's economy? correct answers Cuba In the ____________, households work and receive payment from firms. correct answers labor market In countries like _____________ the command economy predominates. correct answers Cuba and Nort...

What are the scarce resources used to produce goods and services? correct answers Land, Labor, Capital, Entrepreneurial Ability, Production and Efficiency Economic growth determinants: correct answers Expanding resources, and improving technology Determinants of Demand: correct answers Tast and preferences, Income, Prices of related goods, the number of buyers, and expectations regarding future prices income and product availability. Determinants of supply: correct answers Production te...

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Why would a company go global? correct answers By going global businesses have the ability to diversify markets and stabilize revenue Where would a company like to go? correct answers Where the company has a competiive advantage in the market How would a company go global? correct answers By utilizing different modes of entry What are the modes of entry? correct answers Exporting, Outsourcing, Franchising, Joint Ventures, Acquisitions, Greenfield Investments How to manage the enviorm...

What is the primary purpose of a business? correct answers To earn profit Which of the following is NOT an example of a good? correct answers A print ad Which of the following is NOT an example of a service? correct answers Personal training Last year, Carmela's florist shop had higher expenses than revenues. Which of the following must be true? correct answers The florist shop posted a loss for last year Entrepreneurs invest time and money in a business in spite of the fact that it...

Globalization correct answers as processes by which products, people, companies, money and information are able to move quickly around the world as decision makers desire, with few cross-border impediments in their way. push factors (home market) correct answers drives the company out of its home country or other countries where it currently does business. -unemployment, lack of safety, lack of services, more efficient production, access to technology and skills pull factors (target ...

How do political systems impact business? correct answers •Consumer protection •Taxation and social charges •Health and safety at work •Finance regulation •Promotion of research and innovation What is civil society? correct answers •Nongovernmental organizations •Sphere of activities in society in which citizens are free to pursue personal interests and associations freely •Ex) Girl Scouts, religious groups Define nation-state. correct answers •Authorit...

profit correct answers revenue - cost inferior good correct answers when your income raises you spend less money on things normal good correct answers when your income raises you spend more money on things capital correct answers physical inputs to the production costs (nonhuman like land and energy) ceteris paribus correct answers all else equal labor correct answers work effort technology correct answers how capital and labor are organized inflation correct answers rate of...

Profit correct answers revenues - expenses Factors of Production correct answers resources a business needs to produce g/s includes; labour, entrpreneurs, natural resources, capital, information economic system correct answers the way that a nation allocates its resources command economy correct answers government controls all/most FOPs and makes all/most production decisions includes communism and socialism communism correct answers where a government owns/operates all industr...

levels of management correct answers top, middle, first line management skills correct answers technical skills, human relation skills, conceptual skills, time management skills, decision making skills Strategic Management Process correct answers setting goals then formulating strategies SMART goals correct answers Specific, Measurable, Attainable, Realistic, Time bound SWOT analysis correct answers strengths, weaknesses, opportunities, threats Levels of Strategy correct answers 1...

Which of the following statements best describes a firm's 'business model'? correct answers Its goals and means of achieving them Which of the following is a for-profit organization? correct answers Google A 'supply chain' is defined as which of the following? correct answers A succession of stages involved in producing and delivering a product Which one of the following is a privatized company? correct answers A former government agency that has been floated off as a company into ...