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SJCC Problem Set (PS) 1 Exam Questions and Answers 100% Solved

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SJCC Problem Set (PS) 1 Exam Questions and Answers 100% Solved Over time the US economy has had - Fluctions in growth and unemployment Percentage Distribution of Households by Annual Money Income, US, 1997 Using the table, 71% of the households in 2000 had annual incomes of - More than $25,00...

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  • December 25, 2024
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  • 2024/2025
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SJCC Problem Set (PS) 1 Exam

Questions and Answers 100% Solved


Over time the US economy has had - ✔✔Fluctions in growth and

unemployment

Percentage Distribution of Households by Annual Money Income, US, 1997



Using the table, 71% of the households in 2000 had annual incomes of -

✔✔More than $25,000

Economics is best defined as the study of how - ✔✔Resources are

apportioned to satisfy human wants

Economists generally classify economic resources into the following three

categories: - ✔✔Land, Labor, and Capital

Society's pool of knowledge concerning the industrial arts is called -

✔✔Technology

The purpose of an economic model is to - ✔✔Make predictions about the

real world



1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, When Adam Smith described the invisible hand, he was talking about -

✔✔The Price System

Diagram:




For this economy to produce 5 million units of consumer goods and 3

million units of defense goods, - ✔✔The production possibilities curve must

be pushed outward

The US economy may be best characterized as an example of - ✔✔Mixed

Capitalism

A market demand curve - ✔✔Shows the amount buyers would like to

purchase at various prices

A decrease in demand - ✔✔Means that the demand curve has shifted to

the left

In general, supply curves slope upward to the right because - ✔✔Rising

prices motivate producers to offer more units for sale




2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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