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Kristyn Brown ACC Final Exam Study Guide Questions and Answers 100% Solved
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Kristyn Brown ACC Final Exam Study Guide Questions and Answers 100% Solved Economic theory predicts that people make choices in a manner that - makes them better off The rationality assumption states that - people do not intentionally make decisions that would leave them worse off. Economist...

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  • October 22, 2024
  • 23
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

Kristyn Brown ACC Final Exam Study

Guide Questions and Answers 100%

Solved


Economic theory predicts that people make choices in a manner that -

✔✔makes them better off

The rationality assumption states that - ✔✔people do not intentionally make

decisions that would leave them worse off.

Economists assume that people are motivated by - ✔✔self-interest.

Which of the following is a positive statement? - ✔✔When tax revenues are

less than government spending there is a budget deficit.

Which of the following statements concerning the distinction between

positive and normative economics is true? - ✔✔Positive statements are

concerned with what is, while normative statements are concerned with

what someone thinks should be.

,©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

Which of the following is an example of a normative economic statement? -

✔✔Income tax rates should be lower because that will increase

government revenue.

The value of a model is determined by - ✔✔the usefulness of its predictions

in the real world.

Assumptions are necessary to - ✔✔define a set of circumstances where a

model is most likely to apply.

The use of data in economic models is important because - ✔✔the model's

predictive value rests on supportive evidence from real-world data.

Oil found in Alaska is an example of - ✔✔land or natural resource.

Scarcity - ✔✔exists in all human societies.

A tractor used to prepare land for planting is called - ✔✔physical capital

Refer to the above figure. Which of the following statements is true? - ✔✔In

Panel A, equal amounts of Y must be given up to obtain equal increments

of X while in Panel B increasingly greater amounts of Y must be given up to

obtain equal increments of X.

Economic growth is shown by - ✔✔an outward shift of the production

possibilities curve.

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

When a society takes increasing amounts of resources and applies them to

the production of a specific good, resulting in increasing opportunity costs

for each additional unit produced, which of the following applies? - ✔✔the

law of increasing additional costs

Efficiency is achieved - ✔✔when producers are getting the maximum

possible output from the available resources.

The concept of opportunity cost exists because - ✔✔of scarcity.

Comparative advantage is always a(n) ________ concept. - ✔✔relative

In the above figure, the combination of personal computers and televisions

shown by point w (a point inside the production possibilities curve) - ✔✔is

attainable but involves the inefficient use of some of society's resources

An important factor in determining a country's rate of economic growth is -

✔✔its rate of saving.

The making and selling of a pencil for ten cents would likely NOT be

possible, but for - ✔✔the division of labor.

If a CEO can type faster than the secretary - ✔✔the CEO should still

continue performing CEO duties since he has a comparative advantage in

management, and the secretary should continue typing.

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