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Econ 208 Midterm || WITH ANSWERS 100% PASSED!!
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  • Econ 208

Factors of Production correct answers Resources used to produce goods and services; frequently divided into the basic categories of land, labour and capital Goods correct answers Tangible commodities, such as cars or shoes Services correct answers Intangible commodities, such as haircuts or m...

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  • August 19, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • factors of production

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  • Econ 208
  • Econ 208

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Econ 208 Midterm || WITH ANSWERS 100% PASSED!!
Factors of Production correct answers Resources used to produce goods and services;
frequently divided into the basic categories of land, labour and capital

Goods correct answers Tangible commodities, such as cars or shoes

Services correct answers Intangible commodities, such as haircuts or medical care

Production correct answers The act of making goods or services

Consumption correct answers The act of using goods or services to satisfy wants

Opportunity Cost correct answers The cost of using resources for a certain purpose, measured
by the benefit given up by not using them in their best alternative use

Production Possibilities Boundary correct answers A curve showing which alternative
combinations of commodities can just be attained if all available resources are used
efficiently; it is the boundary between attainable and unattainable output combinations

Resource Allocation correct answers The allocation of an economy's scarce resources among
alternative uses

Microeconomics correct answers The study of the causes and consequences of the allocation
of resources as it is affected by the workings of the price system

Macroeconomics correct answers The study of the determination of economic aggregates
such as total output, the price level, employment and growth

Specialization of Labour correct answers The specialization of individual workers in the
production of particular goods or services

Division of Labour correct answers The breaking up of a production process into a series of
specialized tasks, each done by a different worker

Barter correct answers An economic system in which goods and services are traded directly
for other goods and services

Traditional Economy correct answers An economy in which behaviour is based mostly on
tradition

Command Economy correct answers An economy in which most economic decisions are
made by a central planning authority

Free-Market Economy correct answers An economy in which most economic decisions are
made by private households and firms

Mixed Economy correct answers An economy in which some economic decisions are made
by firms and households and some by the government

, Normative Statement correct answers A statement about what ought to be as opposed to what
actually is

Positive Statement correct answers A statement about what actually is (was, or will be,) as
opposed to what ought to be

Variable correct answers Any well-defined item, such as the price or quantity of a
commodity, that can take on various specific values

Endogenous Variable correct answers A variable that is explained within a theory.
Sometimes called an induced variable or a dependent variable

Exogenous Variable correct answers A variable that is determined outside the theory.
Sometimes called an autonomous variable or an independent variable

Index Number correct answers A measure of some variable, conventionally expressed
relative to a base period, which is assigned the value 100

Cross-Sectional Data correct answers A set of observations made at the same time across
several different units (such as households, firms, or countries)

Time-series Data correct answers A set of observations made at successive periods of time

Scatter Diagram correct answers A graph showing two variables, one measured on the
horizontal and the other on the vertical axis. Each point represents the values of the variables
for a particular unit of observation

Quantity Demanded correct answers The amount of a good or service that consumers want to
purchase during some time period

Demand Schedule correct answers A table showing the relationship between quantity
demanded and the price of a commodity, other things being equal

Demand Curve correct answers The graphical representation of the relationship between
quantity demanded and the price of a commodity, other things being equal

Demand correct answers The entire relationship between the quantity of a commodity that
buyers want to purchase and the price of that commodity, other things being equal

Substitutes in Consumption correct answers Goods that can be used in place of another good
to satisfy similar needs or desires

Complements in Consumption correct answers Goods that tend to be consumed together

Change in Demand correct answers A change in the quantity demanded at each possible price
of the commodity, represented by a shift in the whole demand curve

Change in Quantity Demanded correct answers A change in the specific quantity of the good
demanded, represented by a change from one point on a demand curve to another point,
either on the original demand curve or on a new one

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