100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Virtual SC Economics Honors Final Review Questions with Verified Solutions CA$14.38   Add to cart

Exam (elaborations)

Virtual SC Economics Honors Final Review Questions with Verified Solutions

 28 views  1 purchase
  • Course
  • Virtual SC Economics Honors
  • Institution
  • Virtual SC Economics Honors

Virtual SC Economics Honors Final Review Questions with Verified Solutions What does Point A identify? Underutilized resources What does the outward shift of the curve represent? Economic growth An economy operating on its production possibilities curve has which of the following? i...

[Show more]

Preview 3 out of 22  pages

  • June 5, 2024
  • 22
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • Virtual SC Economics Honors
  • Virtual SC Economics Honors
avatar-seller
Virtual SC Economics Honors Final
Review Questions with Verified
Solutions




What does Point A identify?

Underutilized resources




What does the outward shift of the curve represent?

Economic growth




An economy operating on its production possibilities curve has which of the following?

is efficient

,How would you describe an economy that is using its resources in a way that will maximize

production?

efficient




Which of the following would result in a change in the production possibilities frontier in the

mythical country Alpha?

- new technology

- many workers from other countries move in

- the discovery of a new natural resource

(all of the above)

Which of the following will cause an outward shift of the production possibilities curve?

An increase in skilled workers

What does Point C represent?

Inefficency




What does Point E represent?

, Impossible




What does Point D represent?

Efficiency




Opportunity cost is ...

that which we forgo, or give up, when we make an economic choice or decision

A graph showing all the combinations of goods and services that can be produced if all of

society's resources are used efficiently is called which term?

production possibilities curve

Economic growth usually can be achieved without investing in new resources.

False

Which of the following is true if eating one piece of cake yields a total utility of 50 and

consuming a second piece increases total satisfaction by 10?

The total utility of consuming two pieces of cake is 60.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller BrilliantScores. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$14.38. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73918 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$14.38  1x  sold
  • (0)
  Add to cart