ECONOMICS Test Bank #1 : Approved Study Set

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...

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...

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...

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 ...

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 ...

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...

|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...

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...

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 ...