Clep microeconomics - Study guides, Class notes & Summaries

Microeconomics CLEP Latest Update Already Passed Scarcity Limited quantities of resources to meet unlimited wants Needs Things that are required in order to live Wants Those things which make our lives more comfortable but are not needed for survival Economic Choice The decision to buy one thing instead of another. Trade-Off An alternative that we sacrifice when we make a decision PPF Curve (Production Possibilities Frontier) A graph that shows the possibilities of combinations of goods and...

ECON Clep Exam Questions and Answers | 2024/2025 Update The payment one pays for acquiring _______ is called interest. - Capital. Similarly, the payment for land is called rent. Analysis that does not impose the _____ judgments of one individual on the decision of others is called positive analysis. - Value. Positive analysis is the use of theories and models to predict the impact of a choice. For example: What will be the impact of an import quota on foreign cars? What will be the impac...

Microeconomics CLEP Question and answers rated A+ 2023

Microeconomics CLEPScarcity - correct answer Limited quantities of resources to meet unlimited wants Needs - correct answer Things that are required in order to live Wants - correct answer Those things which make our lives more comfortable but are not needed for survival Economic Choice - correct answer The decision to buy one thing instead of another. Trade-Off - correct answer An alternative that we sacrifice when we make a decision PPF Curve - correct answer (Production Possibi...

Microeconomics CLEP questions and answers completely solved 2023

Microeconomics CLEP Training Units QuestionsGraded A 20232024.

Microeconomics CLEP questions with answers.