Scarcity exists because - Study guides, Class notes & Summaries

Which of the following are examples of command economies? correct answers Cuba and North Korea In a command economy, which of the following entities makes most economic decisions itself or at least strongly influences how the decisions are made? correct answers Government Which of the following is the key factor that allows countries to consume bundles of goods and service that lay beyond their production possibilities frontier? correct answers International Trade For which of the follo...

ECON 211 Exam 1 (UNL) Complete Guide Fundamental Economic Concepts 1. Study of Economists: - ️ Economists study all human behavior. 2. Economic Agent: - ️ An economic agent is an individual or a group that makes choices (examples include consumers choosing between a bacon cheeseburger or tofu burger, and a parent deciding between public or private school for their child). 3. Scarce Resources: - ️ Scarce resources are things that people want, where the quantity that people want ...

UNT ECON 1100 Exam 1 The primary difference between a change in supply and a change in the quantity supplied is: - a change in quantity supplied is caused by a change in the price of the good itself, and a change in supply is caused by a change in a non-price determinant of supply Which of the following will cause a decrease in the demand for batteries? - An increase in the price of digital cameras, a complement for batteries Based on the information in the table below, the opportuni...

TEXAS SAE: REAL ESTATE APPRAISAL EXAM WITH COMPLETE SOLUTIONS Which two terms are synonymous and are defined as the amount of rent typical for properties that are comparable to the subject property? Economic rent, market rent Which of the following properties would you expect to appraise highest? Q1, C1 There are many advantages to holding property within a trust. One of the most important advantages is that some trusts ______. Avoid probate Ken, Barbie, and Skipper owned a property as...

ECON 1100 UNT DADRES FINAL EXAM Questions and Answers When wants and needs exceed the resources available to satisfy them: ANSWER scarcity exists and decisions must be made about how to allocate limited resources among competing uses. Which of the following is a normative microeconomic statement? ANSWER Government should lower the taxes paid by small businesses. Which of the following is an example of capital as a factor of production? ANSWER Kitchen equipment for a new restaurant ventu...

Because of scarcity, every economic decision involves - a trade-off. Ryan spends an hour studying instead of going for a bike ride. Assume studying and bike riding were Ryan's only options for that hour. The opportunity cost to him of studying is: - the enjoyment and exercise he would have received from bike riding. The gains from trade are: - a result of more efficient resource allocation. Which of the following would not tend to lower the price of VCRs? - increasing price of pay-per-...

BMAL 590 Week 6 Micro-Economics Study Guide |UPDATED!!| People respond to incentives blank_______. *Ans* by calculating their individual costs and benefits and determining which is greater After much consideration, you have chosen Cancun over Ft. Lauderdale as your Spring Break destination this year. However, Spring Break is still months away, and you may reverse this decision. Which of the following events would prompt you to reverse this decision? *Ans* The marginal cost of going to...

TEXAS SAE: REAL ESTATE APPRAISAL EXAM WITH COMPLETE SOLUTIONS Which two terms are synonymous and are defined as the amount of rent typical for properties that are comparable to the subject property? Economic rent, market rent Which of the following properties would you expect to appraise highest? Q1, C1 There are many advantages to holding property within a trust. One of the most important advantages is that some trusts ______. Avoid probate Ken, Barbie, and Skipper owned a property as...

1) Scarcity exists because A) human wants exceed the resources available to satisfy them. B) some individuals have low income. C) the costs of production are high. D) some people make bad economic decisions. E) people take too much leisure time. correct answer: A 2) Which of the following statements best describes the study of economics? Economics studies how A) to organize production so that scarcity does not occur. B) firms make profits. C) we make choices in the face of scarcit...

AP Macroeconomics Final Exam - Multiple Choice Test With Properly Answered Questions