ECONOMICS Test Bank #2 : Approved Study Set

Economics - Unit 1 Economics Fundamentals Exam Guide [100% Correct Answers] economics *Ans* 1. the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants 2. Social science that deals with the study of the production, consumption,...

Economics Study Guide 100% Correct Answers #1 |verified| Economics *Ans* social science dealing with study of how people satisfy unlimited/ competing wants with careful use of scarce resources. Scarcity *Ans* fundamental economic problem facing all societies that result from a combination of...

100 Economics Terms Exam Guide 100% Correct Answers Scarcity *Ans* the limited nature of society's resources Economics *Ans* the study of how society manages its scarce resources Efficiency *Ans* the property of society getting the most it can from its scarce resources Equity *Ans* the proper...

IB Economics HL Exam Review |Graded A+| Latest Ceteris paribus *Ans* all other things are being held equal positive economics *Ans* matters of economics that can be proven to be right or wrong by looking at the facts normative economics *Ans* matters of economics that are based upon opinion a...

OCR A Level Economics Exam with 100% Correct Answers # Latest normative statement *Ans* an opinion that cannot be confirmed by referencing facts positive statement *Ans* a statement that can be proved by referencing facts why are economic models used? *Ans* theories cannot be tested in a contro...

Final for Economics: 50 Questions Final Exam Questions |UPDATED| What is an economy? *Ans* The wealth and resources of a country or region What is economics? *Ans* It is the study of how people choose to use resources What are the three economic resources? *Ans* Land, labor, and capital Name t...

Economics Preliminary Exam Study Set [100% Correct Answers] The economic problem *Ans* Unlimited wants but we have limited resources. Resources a scarce and it is a challenge to allocate them to our unlimited wants. There are individual wants which are individual desires and collective wants ...

Edexcel 101 A-level Economics Paper 1 Exam Review |100% Correct| Economics *Ans* The study of the allocation of scarce resources. Economic Goods *Ans* Resources that are scarce. Short Run *Ans* A time period where at least one factor of production is fixed. Long Run *Ans* A time period where al...

Academic Decathlon Economics: Final Exam Prep with 100% Correct Answers Scarcity *Ans* an inescapable fact of human existence that results from the fact that the available resources are always less than our limitless desires Opportunity Cost *Ans* the cost of any choice is what must be given u...

Economics Multiple Choice Exam Review |UPDATED| 100% Correct # Latest We are forced to make choices because a. not everything is limited. b. shortages are a constant situation. c. we live in a democracy. d. all resources are limited. *Ans* all resources are limited The four factors of prod...