Economics Final Exam 2024

Front

Define scarcity.

Back

Resources that the demand exceeds the supply.

Front

When one decision is made, the next best alternative not selected is called

Back

opportunity cost.

Front

Firms constantly work to become more efficient, reducing their inputs and maximizing their outputs. What is the economic concept at work?

Back

Increasing productivity

Front

Good intended for use by individuals/families are considered to be...

Back

Consumer Goods

Front

Good intended for use by businesses are considered to be...

Back

Capital goods

Front

Capital good or consumer good? A drone for personal use.

Back

Consumer Good

Front

Capital good or consumer good? A farmer uses his tractor to haul hay.

Back

Capital Good

Front

Look at the production possibilities graph below. Assume our economy is producing at the bold curve #1. Which points are producing at 100% efficiency? Options: A, B, C, X, Z, B, Z, A, B, C, A and B

Back

A, B, C

Front

Look at the production possibilities graph below. Assume our economy is producing at the bold curve #1. Which point is recessionary? Options: A, B, C, K, Z

Back

K

Front

Look at the production possibilities graph below. Assume our economy is producing at the bold curve #1. Which point is impossible using current resources? Options: A, B, C, K, Z

Back

Z