Production possibilites - Study guides, Class notes & Summaries

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 production are the resources of land, labor, capital, and a. services. b. entrepreneurship. c. technology. d. goods. *Ans* entrepreneurship A truck used by a plumber is a type of a. capital. b. lab...

3 big economic questions correct answers 1. What: what and how much is produced? 2. How: how are goods and services produced? 3. Who: who will get the goods and services? 3 approaches to answering 3 big questions correct answers 1.Tradition approach: do what we've always done. 2. Command approach: government planners answer the questions. 3. Market-based approach: let prices, property rights, and markets answer the questions. (works best because it aligns the self-interest with the socia...

BSNS exam prep Multiple Choice Questions And Correct Answers. Over 100 Q&A At her current level of consumption, a consumer is willing to pay up to $1.50 for a bottle of eater and up to $1,500 for a diamond ring because the a. total utility of diamond rings is greater than the total utility of water b. total utility of water is less than the marginal utility of a diamond ring c. marginal utility of a bottle of water is less than the marginal utility of a diamond ring d. marginal utility of...

Econ 1501 Global Economic Issues Study Guide questions with solutions. Economics The study of how people seek to satisfy their needs and wants by making choices opportunity cost the most desirable alternative given up as the result of a decision Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:08 / 0:54 Full screen 6 Ways to Show Appreciation for Your Child's Teacher production possibilites frontier (PPF) a graph that shows the combinations ...

BSNS exam prep Multiple Choice Questions And Correct Answers. Over 100 Q&A At her current level of consumption, a consumer is willing to pay up to $1.50 for a bottle of eater and up to $1,500 for a diamond ring because the a. total utility of diamond rings is greater than the total utility of water b. total utility of water is less than the marginal utility of a diamond ring c. marginal utility of a bottle of water is less than the marginal utility of a diamond ring d. marginal utility of...

Economic Quiz Chapter 1,2,3,4 Exam Study Guide [Correct Questions and Answers] What is Economics? *Ans* The study of how peoples need to satisfy their needs and wants by making choices. What are the three factors in every Economic scenario *Ans* Land, Labor, Capital What is a trade-off? *Ans* All the alternatives that we give up whenever we choose one course of action over another. What is a production Possibilites curve/What does it show? *Ans* A graph that shows al alternative wa...

ECONOMICS FINAL EXAM QUESTIONS AND COMPLETE ANSWERS Economics is Opportunity cost arise in a production because A production possibilites curve helps determine The U.S. economy, which uses a combination of individuals, government, and business to answer its economic questions and allocate its resources, is best considered: In every economic system, scarcity imposes limitations on In one hour, George can fix 4 flat tires or type 200 words. His opportunity cost of fixing a flat tire is....

Economic Quiz Chapter 1,2,3,4 Questions and Answers Already Passed What is Economics? The study of how peoples need to satisfy their needs and wants by making choices. What are the three factors in every Economic scenario Land, Labor, Capital What is a trade-off? All the alternatives that we give up whenever we choose one course of action over another. What is a production Possibilites curve/What does it show? A graph that shows al alternative ways to use an economy's productive resources. A...

3 big economic questions correct answers 1. What: what and how much is produced? 2. How: how are goods and services produced? 3. Who: who will get the goods and services? 3 approaches to answering 3 big questions correct answers 1.Tradition approach: do what we've always done. 2. Command approach: government planners answer the questions. 3. Market-based approach: let prices, property rights, and markets answer the questions. (works best because it aligns the self-interest with the socia...

Market Failure An imperfection in the market mechanism that prevents optimal outcomes Government Failure Government intervention that fails to improve economic outcomes Factors of Production Resource inputs used to produce goods and services, such as land, labor, capital, and entrepreneurship. Scarcity Lack of enough resources to satisfy all desired uses of those resources Land All natural resources (ex. crude oil, water, air, and minerals) Capital Final ...