Principles of Economics TEST BANK Exam Questions With 100% Verified Answers
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Course
Principles of Economics
Institution
Principles Of Economics
Principles of Economics TEST BANK Exam
Questions With 100% Verified Answers
The process by which resources are transformed into useful forms is
A) Capitalisation
B) Consumption
C) Production
D) Allocation - answerC) Production
Topic - Scarcity, choice and opportunity cost
Skill - definition...
D) A guitar used by a musician - answer✔D) A guitar used by a musician
Topic - Scarcity, choice and opportunity cost
Skill - Conceptual
Capital, as economists use the term
A) is the money the firm spends to hire resources
B) is money the firm raises from selling stock
C) refers to the process by which resources are transformed into useful forms
D) refers to things that have already been produced that are in turn used to produce other goods -
answer✔D) refers to things that have already been produced that are in turn used to produce
other goods
Topic - Scarcity, choice and opportunity cost
Skill - Definition
The concept of opportunity cost is based on the principle of
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