Kristyn Brown ACC Final Exam Study Guide Questions and Answers 100% Solved
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Course
ACC
Institution
ACC
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...
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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