ETS Economics Exam Study Questions & Answers 2024/2025
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ETS Economics
Institution
ETS Economics
ETS Economics Exam Study Questions & Answers 2024/2025
The social science concerned with the use of scarce resources like land and labor used to fulfill unlimited human wants.
A) Accounting
B) Marketing
C) Finance
D) Economics - ANSWERSC) Economics
Inputs used to produce the goods an...
ETS Economics Exam Study Questions
& Answers 2024/2025
The social science concerned with the use of scarce resources like land and labor used to fulfill unlimited
human wants.
A) Accounting
B) Marketing
C) Finance
D) Economics - ANSWERSC) Economics
Inputs used to produce the goods and services that humans want
A) Resources
B) Capital
C) Money
D) Labor - ANSWERSA) Resources
Tangible item that is used to satisfy wants:
A) Service
B) Good
C) Money
D) Goal - ANSWERSA) Good
Intangible activity used to satisfy wants - ANSWERSservice
Human effort, both physical and mental is also known as
A) Strength
B) Work
C) Labor
, D) Movement - ANSWERSC) Labor
Explain Positive vs. Normative Economics - ANSWERSPositive economics is what something is and can be
measured
The cost incurred by choosing one option over the alternative
A) Fixed Cost
B) Missing Cost
C) Choosing Cost
D) Opportunity Cost - ANSWERSD) Opportunity Cost
Explain the Production possibilities frontier - ANSWERSA graph that shows the trade off between two
goods. Producing on the curve means resources are fully employed.
true or false: Producing on the Curve of the PPF means resources are not fully employed -
ANSWERSFalse
Which part of the PPF means resources are impossible to produce at that level?
A) Inside the curve
B) Outside the Curve
C) On the Curve
D) None of the above - ANSWERSC) on the curve
True or false: The shape of the production possibilities frontier reflects the law of increasing opportunity
cost - ANSWERStrue
True or false: As more of one good is produced, larger and larger quantities of the alternative must be
sacrificed - ANSWERStrue
If move resources become available, the PPF shifts:
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