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Exam (elaborations)

Econ Final (100% Everfree answers)

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  • Course
  • Econ
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  • Econ

What is the difference between a shortage and a scarcity? correct answers Shortage can be temporary or long-term scarcity always exist Which of the following are factors of production? correct answers capital and land The economic concept of guns or butter means that correct answers a governm...

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  • September 19, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ
  • Econ
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sh3rrymagdah
Econ Final (100% Everfree answers)
What is the difference between a shortage and a scarcity? correct answers Shortage can be temporary or
long-term scarcity always exist


Which of the following are factors of production? correct answers capital and land


The economic concept of guns or butter means that correct answers a government must decide to produce
more or less military or consumer goods


If you choose between two summer jobs, what is the one you do not choose called? correct answers
opportunity cost


Which of the following is an example of a shortage? correct answers a type of doll is not available
because a limited number were made


In a free enterprise system, how do consumers most often express their desires to businesses? correct
answers buying or not buying products


The price of home computers rises. According to the law of supply, what will computer makers do?
correct answers make more computers


Which of the following is an advantage of a sole proprietorship? correct answers is is the least regulated
form of business organization


What is considered a normal unemployment rate when the economy is working properly? correct answers
4 to 6 percent


An efficient economy is one that correct answers uses its resources to make the most goods and services


What can a decision-making grid do? correct answers help you determine some of the opportunity costs
for your decision


Why are goods and services scarce? correct answers resources used to produce them are limited

, Which person below is an entrepreneur? correct answers an artist who runs a business painting murals


To improve its standard of living a nation's economy must correct answers grow through innovation


Why are free market economies able to grow? correct answers competition encourages innovation


The United States government intervenes in the economy in order to correct answers promote the general
welfare


Which of the following is handled by individuals instead of government in a free market economy?
correct answers investment options


What is one of the most important advantages of a free market? correct answers it encourages growth


Which of the following philosophers argued that a free market would regulate itself with little
government involvement? correct answers Adam Smith


What is the product market? correct answers the market in which households purchase the goods and
services that firms produce


A town votes to raise taxes on its households and businesses in order to renovate a school in one of its
poorest neighborhoods. What societal goal best explains this decision? correct answers equity


Which of the following best describes the economy of the United States? correct answers mixed, but on
the side of a free market


What is one way the Constitution protects the free enterprise system? correct answers it recognizes
private property rights


The federal government monitors and regulates American banks and other financial institutions correct
answers to shield money from the damaging effects of economic downturns

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