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ECON 212 Exam 1 (Ch. 1, 2, 3, 4) QUESTIONS WITH VERIFIED ANSWERS 100% CORRECT CA$16.79
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ECON 212 Exam 1 (Ch. 1, 2, 3, 4) QUESTIONS WITH VERIFIED ANSWERS 100% CORRECT
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  • ECON 212

economics correct answers social science concerned with making optimal choices under conditions of scarcity -economics wants exceed productive capacity economic perspective correct answers features of WHAT: -scarcity and choice -purposeful behavior -marginal analysis scarcity and choice c...

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  • August 18, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • economics

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  • ECON 212
  • ECON 212

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ECON 212 Exam 1 (Ch. 1, 2, 3, 4) QUESTIONS WITH
VERIFIED ANSWERS 100% CORRECT
economics correct answers social science concerned with making optimal choices under
conditions of scarcity
-economics wants exceed productive capacity

economic perspective correct answers features of WHAT:
-scarcity and choice
-purposeful behavior
-marginal analysis

scarcity and choice correct answers feature of econ. POV:
-resources= scarce,
-choices must be made
-opportunity cost (There's no free lunch)

purposeful behavior correct answers this feature of Econ POV. relies on
-rational self-interest
-individuals and utility
-firms and profit
-desired outcomes

marginal analysis correct answers feature of Econ POV considerations:
-marginal benefit/cost
-marginal= "extra"
-comparison between marginal benefit and cost

hypothesis, hypothesis, accept, reject, test correct answers steps of scientific method:
1. observe,
2. formulate a WHAT,
3. test the WHAT,
4. WHAT, WHAT, or modify the hypothesis,
5. continue to WHAT the hypothesis

economic principles correct answers three WHAT:
-generalizations
-other-things-equal assumption
-graphical expression

Microeconomics correct answers study of individual units that make up the economy

Macroeconomics correct answers the study of the economy as a whole or the aggregate

individual's economic problem correct answers four parts of WHAT:
-limited income,
-unlimited wants,
-budget line,
-change in income

, budget line correct answers part of the economic problem:
-attainable and unattainable options
-trade-offs and opportunity costs
-make the best choice possible

beyond correct answers are unattainable options (individual's economic problem) beyond or
inside of the budget line?

inside correct answers are attainable options (individual's economic problem) beyond or
inside of the budget line?

society's economic problem correct answers two features of WHAT:
-scarce resources
-entrepreneurial ability

scarce resources correct answers examples of WHAT:
-land, labor, capital, entrepreneurial ability

entrepreneurial ability correct answers examples of WHAT:
-takes initiative, makes decisions, innovates, takes risk

production possibilities model correct answers model that illustrates production choices

production possibilities model correct answers assumptions under what model:
-full employment, fixed resources, fixed technology, two goods

concave correct answers the law of increasing opportunity costs makes the production
possibilities curve WHAT SHAPE

law of increasing opportunity cost correct answers as production of a good increases, the
opportunity cost of producing an additional unit rises

unemployment, employment correct answers WHAT limits how much can be produced, and
moving toward full WHAT will increase output

inside correct answers production will be at a point (inside/outside) the PPC

economic growth correct answers WHAT comes from:
-more resources
-improved resource quality
-tech advances

economic systems correct answers set of institutional arrangements
-coordinating mechanism
-differences in systems

economic systems correct answers differences in WHAT exist by:
-who owns factors of production
-what method is used to motivate, coordinate, and direct econ. activity

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