EMCC Eco 2123 Final| 135 questions| with complete solutions

$55 *80 - 25* correct answer: f the ATC of eight units is $80, and the AFC of eight units is $25, the AVC of eight units is: scarcity correct answer: is the problem that human wants exceed the production possible with the limited resources available. economics correct answer: is the study of how individuals and societies use their limited resources to try to satisfy their unlimited wants. resources correct answer: are the inputs that make production possible. land correct answer: refers to the naturally occurring resources capital correct answer: refers to produced goods that are used in the production of other goods opportunity correct answer: ________cost is the value of the best alternative surrendered when a choice is made. macroeconomics correct answer: focuses on overall economic behavior microeconomics correct answer: focuses on components of the economy positive correct answer: statements claim to describe the way things are. slope correct answer: The ____________________ of a curve is the ratio of the vertical change to the horizontal change as the graph is read from left to right. scarcity correct answer: The basic economic problem is: Entrepreneurship correct answer: The special skill involved in organizing labor, land, and capital for production is self-interest correct answer: In determining how to use their resources, resource owners are motivated by: to the use that is most highly valued by consumers correct answer: In a competitive market, the self-interest of resource owners will cause resources to be directed: its marginal benefit must be equal to its marginal cost correct answer: At the optimal level of an activity: