Economics fundamental - Study guides, Revision notes & Summaries

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Ivy Software MBA Prepworks Fundamentals of Economics Exam Questions with Answers

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The main concept demonstrated in the production possibilities frontier is - accurate answeropportunity cost When country a has a lower opportunity cost of producing sugar relative to country b, then country a is said to have - accurate answercomparative advantage A graph that shows the combinations of two goods that the economy can produce given the available scarce resources and available technology is called a - accurate answerproduction possibilities frontier Assume a production poss...

Economics - Unit 1 Economics Fundamentals With Complete Solutions Latest Update

Ivy Software MBA Prepworks Fundamentals of Economics / Ivy Software MBA Prepworks Fundamentals of Economics questions with correct answers Assume that the economy is currently at potential real GDP. Which of the following would put the economy in an inflationary gap? A) Temporary increase in wages B) greater stock market wealth C) higher business taxes D) decrease in income abroad - ANSWER-greater stock market wealth If an economy is producing below its potential real GDP, then it i...

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economics correct answers 1. the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants 2. Social science that deals with the study of the production, consumption, distribution of goods and services and the transfer of wealth to obtain those goods and services. scarcity correct answers a situation in which unlimited wants exceed the limited resources available to fulfill those wants trade-offs correct answers giving up one t...

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