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Econ 101 FINAL exam With Questions And 100% ALL CORRECT ANSWERS
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Econ 101 FINAL exam With Questions And 100% ALL CORRECT ANSWERS
Practice questions for this set
, Terms in this set (86)
Scarcity in economics means: not having sufficient resources to produce all the goods and services we want
which is not an example of a resource? D.) production
A.) land
B.)labor
C.) capital
D.) production
leftward shift of the supply curve is caused by an increase in the cost of an input.
example of price floor minimum wage
When a local factory closes, why does it spell bad Unemployed factory workers have lower incomes and are less likely to dine out
news for the local restaurants?
Example of normative economics the minimum wage is an important tool in fighting poverty and should be increased
In the simplest circular-flow model, households factors of production; goods and services
supply ________ and demand ______ _.
if they work all day on drawing greeting cards, harry Betty has comparative advantage in writing poetry
can make 10 cards while Betty can make 8. IF they
work all day writing poems for the cards, Harry can
write 5 while Betty can write 6. we know that:
Econ 101 FINAL exam
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