

Econ 1st Sem Exam 24 part 1
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1.
FLASHCARD QUESTION
Front
What is the primary focus of economics as a science? Options: Wealth accumulation, Market prediction, Scarcity and resource allocation, Government policy
Back
Scarcity and resource allocation
2.
FLASHCARD QUESTION
Front
Which of the following is NOT typically considered a scarce resource in economics? Time, Money, Air, Attention
Back
Air
3.
FLASHCARD QUESTION
Front
Which of the following is an example of a choice "at the margin"? Options: Deciding whether to go to college or not, Choosing between two different career paths, Deciding whether to study for one more hour, Selecting a major in university
Back
Deciding whether to study for one more hour
4.
FLASHCARD QUESTION
Front
What does the economic concept of "ceteris paribus" mean?
Back
All things being equal
5.
FLASHCARD QUESTION
Front
Which of the following is NOT considered one of the four main factors of production? Land, Labor, Capital, Technology
Back
Technology
6.
FLASHCARD QUESTION
Front
In the context of factors of production, what does "enterprise" refer to?
Back
The risk-taking and organizing factor
7.
FLASHCARD QUESTION
Front
Which of the following is an example of "human capital"? A factory building, A company's stock of raw materials, Money in a business bank account
Back
An employee's education and skills
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