FREE AND STUDY GAMES ABOUT ECONOMICS 1 EXAM

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FREE AND STUDY GAMES ABOUT ECONOMICS 1 EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -57 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: The marginal benefit curve is

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downward Question 2: takes the initiative in combining the resources of land, labor, and capital to produce a good or a service.

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entrepreneur Question 3: the human resource that combines the other economic resources of land, labor, and capital to produce new products or make innovations in the production of existing products

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entrepreneurial ability Question 4: The social science concerned with how individuals, institutions and society make best choices under scarcity

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Economics

Question 5: listed under the economizing problem

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limited income, unlimited wants, budget line, attainable and unattainable combinations, trade offs and opportunity cost Question 6: includes all natural resources ("gifts of nature") used in the production process.These include forests, mineral and oil deposits, water resources, wind power, sunlight, and arable land.

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land

Question 7: marginal means what

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extra Question 8: restricts options and demands choices. Because we "can't have it all," we must decide what we will have and what we must forgo.

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scarcity

Question 9: the variable is determined is called

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dependent variable=y Question 10: But if the marginal cost is more than the marginal benefit, you should buy the smaller diamond instead-even if you can afford the larger stone!

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marginal benefit

Question 11: takes risks

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entrepreneur

Question 12: makes the strategic business decisions that set the course of an enterprise.

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entrepreneur

Question 13: the marginal cost curve is

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upward

Question 14: what are the steps to the scientific method

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observe real life behavior, formulate a hypothesis, test hypothesis, accept, reject or modify the hypothesis, continue to test hypothesis, Question 15: The amount of other products that must be forgone or sacrificed to produce a unit of a product.

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opportunity cost under scarcity Question 16: the part of economics concerned with the performance and behavior of the economy as a whole. Focuses on economic growth, the business cycle, interest rates, inflation, and the behavior of major economic aggregates such as household business and sectors

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macroeconomics Question 17: A viewpoint that envisions individu-als and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions

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Economic perspective

Question 18: listed under economic principle

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generalization, other things equal assumption, graphical expression

Question 19: It underlies expressions of support for particular economic policies.

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normative economics

Question 20: Money is not considered a capital resource because money is

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not productive Question 21: benefit is the perceived lifetime pleasure (utility) from the larger-size stone. If the marginal benefit of the larger diamond exceeds its marginal cost (and you can afford it), buy the larger stone.

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marginal benefit Question 22: Economic principles are generalizations relating to economic behavior orto the economy itself. Economic principles are expressed as the tendencies of typical or average consumers, workers, or business firms.

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generalizations Question 23: his money! And the majority of us have much more lim-ited means. Our income comes to us in the form of wages, interest, rent, and profit, although we may also receive money from government programs or family members (economizing problem)

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limited income

Question 24: listed under society's economic problem

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land, labor, capital and entrepreneurial ability Question 25: lists the different combina-tions of two products that can be produced with a specific set of resources, assuming full employment.

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productive possibility model