Economics cp Study guides, Class notes & Summaries

Virtual SC Economics CP Final Exam with Complete Solutions ___________ protect consumers against harm from products on the market a) franchises b) profit motives c) private property rights d) government regulations Correct Answer: D 19-country common market for eastern and southern Africa a) European Union b) NAFTA c) COMESA d) ANC Correct Answer: C A general rise in the level of prices over time is known as a) a catalyst b) voluntary exchange c) profit d) inflation Cor...

Economics CP Final Exam Review Questions & Answers 2024/2025 Economics - ANSWERSThe study of choice under conditions of scarcity and the incentives; decision making Microeconomics - ANSWERSHow people and businesses work within the economy Macroeconomics - ANSWERSLarge and broad economy Scarcity - ANSWERSA situation in which humans wants are greater than the capacity of available resources Opportunity Cost - ANSWERSThe next best thing that one gives up to get the option that give...

The study of economics involves ________________ a) explaining how people deal with scarcity b) studying how things are made, bought, sold, and used c) explaining how incomes are earned and how jobs are created d) all of these - Correct Answer: D When a nation's total output increases over time, the nation is experiencing _____________ a) a decrease in gross domestic product b) economic growth c) economic interdependence d) an expansion of the possibilities curve - Correct Answer: B

Virtual SC economics CP Final Exam Questions With Verified Solutions. It is generally believed that a sales tax a) hurts the poor b) hurts the wealthy c) is the only fair tax d) is unfair to the middle class - answerCorrect Answer: A The study of economics involves ________________ a) explaining how people deal with scarcity b) studying how things are made, bought, sold, and used c) explaining how incomes are earned and how jobs are created d) all of these - answerCorrect Answer: D W...

Which of the following is THE basic economic problem? Select one: a. explaining how people deal with scarcity b. studying how things are made, bought, sold, and used c. explaining how incomes are earned and how jobs are created d. all of these - ANS a. explaining how people deal with scarcity

It is generally believed that a sales tax a) hurts the poor b) hurts the wealthy c) is the only fair tax d) is unfair to the middle class - ANSWER Correct Answer: A The study of economics involves ________________ a) explaining how people deal with scarcity b) studying how things are made, bought, sold, and used c) explaining how incomes are earned and how jobs are created d) all of these - ANSWER Correct Answer: D

_________ is the main reason why countries with market economies are generally prosperous. - ️️Competition ___________ specialization is the production of goods in which a region has absolute or comparative advantage. - ️️Geographic ___________ trade is the international exchange of goods in the absence of governmental tariffs, quotas, or other prohibitive regulations. - ️️Free (T/F) A firm that has no real control over the price it receives for its product is called a price sette...

Macroeconomics Chapter 7 The CPI and The Cost of Living 2023||Questions And Answers complete guide

Macroeconomics CPI Questions and Answers 100% Pass What is the Consumer Price Index and why is it significant? The consumer price index (CPI) is a measure of the overall cost of the goods and services bought by a typical consumer. CPI is used to find the inflation rate. The CPI affects nearly all Americans because of the many ways it is used. It is used as an economic indicator, as a deflator of other economic series, as a means of adjusting dollar values. How is the Consumer Price Index calcul...

Macroeconomics Chapter 7 The CPI and The Cost of Living 2023||Questions And Answers complete guide