Virtual sc economics Study guides, Class notes & Summaries

Virtual SC Economics Honors Final Review Questions with Verified Solutions What does Point A identify? Underutilized resources What does the outward shift of the curve represent? Economic growth An economy operating on its production possibilities curve has which of the following? is efficient How would you describe an economy that is using its resources in a way that will maximize production? efficient Which of the following would result in a change in the production pos...

Virtual SC Economics Final Exam Review with Complete Solutions "The most important source of state government revenue." "Primarily transferred from federal government to state governments." "The most important source of local government revenue." All of these statements are true of intergovernmental revenue A coupon rate is the ___. rate of return on a bond A general rise in the level of prices over time is known as ___. inflation A nation's wealth is determined by its ____...

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...

Virtual SC Economics Honors Summer Course Exam Review Rated A+ _____ are opportunity costs of a decision (foregone benefits) that is not defined in money. Implicit costs _____ are taxes on _____ . Tariffs, imports _____ is harder to fix since it occurs with a change in technology or the market reduces the demand for certain types of products and workers. Structural unemployment _____ is the condition that exists when someone can produce a good or service with a lower opportunity ...

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

What is THE basic economic problem? - ANS explaining how people deal with scarcity When a nation's total output increases over time, the nation is experiencing ____. - ANS economic growth Which statement best explains the meaning of opportunity cost? - ANS the cost of choosing one alternative over another A nation's wealth is determined by its ____. - ANS accumulation of all tangible products Consumers waiting in long lines for a new product is an example of ____. - ANS scarcity

If you wanted to understand the relationship between households, businesses, and resources, you would study _____ . the Circular Flow model Match the type of resource with the definition. Time spent making pizza at a restaurant A bulldozer A River Labor Capital Land There is always some degree of government involvement in a mixed economy. True Which of the following is an example of capital? A factory Scarcity in economics means: This is not having enough resources to produce all the ...

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