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ECON 208 Midterm || QUESTIONS WITH CORRECT ANSWERS!!!
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If something has an opportunity cost, it is described as _____. correct answers Scarce What are the three main types of resources? correct answers Land, labor, capital What term describes goods consumed for satisfaction? correct answers Final goods What term describes goods that help produ...

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  • August 19, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • if something has an opportunity cost it is descri

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  • ECON 208
  • ECON 208

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ECON 208 Midterm || QUESTIONS WITH CORRECT
ANSWERS!!!
If something has an opportunity cost, it is described as _____. correct answers Scarce

What are the three main types of resources? correct answers Land, labor, capital

What term describes goods consumed for satisfaction? correct answers Final goods

What term describes goods that help produce what we consume? correct answers
Intermediate goods

Goods and services are also known as _____. correct answers Tangibles and intangibles

What term is often used as shorthand for 'goods' and 'services' combined? correct answers
Goods

Scarcity implies the need for _____. correct answers Choice

The benefit given up when resources are used for one purpose and not used in the best
alternative way is called the _____. correct answers Opportunity cost

What are by-products of the production of goods that give us negative satisfaction called?
correct answers Bads

When choosing between two alternatives, the opportunity costs of each are _____ of each
other. correct answers Inverses

An expansion of the production possibilities boundary represents a(n) [increase/decrease] in
production capacity. correct answers Increase

What is a curve that illustrates the varying amounts of two products that can be produced
when both depend on the same resources? correct answers Production possibilities boundary

[True or false] When considering two alternative products (e.g. product A and product B), the
opportunity cost of consuming product A is the same as the relative price of product B to
product A. correct answers True

A combination outside of the PPB is considered _____. correct answers Unattainable

If a PPB is a straight line, this means that the opportunity cost is _____ along the line. correct
answers Constant

[Inside/on/beyond] the PPB, there is full employment of the factors of production. correct
answers On

[Inside/on/beyond] the PPB, there is unemployment of some factors of production. correct
answers Inside

, [True or false] A point on the PPB can show us how output is distributed. correct answers
False; it only shows us how much is produced

Specialization [increases/decreases] total output from the same amount of input. correct
answers Increases

Consumers seek to maximize _____; producers seek to maximize _____. correct answers
Utility; profit

Reduction in transportation costs and development of information technology are both factors
in allowing what phenomenon? correct answers Globalization

Adam Smith believes economic agents (i.e. those who participate in some facet of the
economy) are primarily motivated by this. correct answers Self-interest

What kind of statement is dependent on value judgements and cannot be proven by facts?
correct answers Normative statement

Is the following statement positive or normative?

"Ted Cruz is the Zodiac Killer" correct answers Positive; it can be either proven or disproven

What kind of statement does not involve value judgements and can be proven by facts?
correct answers Positive statement

[True or false] Economic theories seek to explain both regularities and irregularities. correct
answers False; they are only based on "regular" behaviour

What kind of correlation is one in which X and Y move in the same direction? correct
answers Positive

What kind of correlation is one in which X and Y move in opposite directions? correct
answers Negative

What is the index number of a product in any given base period? correct answers 100

What does the downward slope of the PPB demonstrate? correct answers Opportunity cost

What term describes the amount of a product that consumers want to purchase at a given
price? correct answers Quantity demanded

What term describes the amount of a product that is actually exchanged? correct answers
Quantity exchanged

Is quantity demanded an independent or dependent variable? correct answers Dependent

An independent variable can also be described as _____. correct answers Exogenous

A dependent variable can also be described as _____. correct answers Endogenous

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