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Econ 231 Exam 1 || very Flawless. $10.49   Add to cart

Exam (elaborations)

Econ 231 Exam 1 || very Flawless.

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  • Course
  • Econ 231
  • Institution
  • Econ 231

Scarcity correct answers Lack of enough resources to satisfy all desired uses of those resources Factors of production correct answers resource inputs used to produce goods and services, such as land, labor, capital, and entrepreneurship Economics correct answers the study of how best to allo...

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  • August 16, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ 231
  • Econ 231
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Econ 231 Exam 1 || very Flawless.
Scarcity correct answers Lack of enough resources to satisfy all desired uses of those resources

Factors of production correct answers resource inputs used to produce goods and services, such
as land, labor, capital, and entrepreneurship

Economics correct answers the study of how best to allocate scarce resources among competing
uses

Opportunity Cost correct answers the most desired goods or services that are forgone to obtain
something else

Macroeconomics correct answers the study of aggregate economic behavior of the economy as a
whole/ study of the economy in motion

Ceteris paribus correct answers the assumption of nothing else changing

Production function correct answers relationship between economic resources and output Q= f
(land, labor, capital, entrepreneurship) reveals the limit to the level of output, given the amount
of economic resources

Unemployment rate correct answers unemployed/labor force

Inflation correct answers increase in the average price level

Production correct answers production of goods and services determines employment and
income

Business cycle correct answers alternating increases and decreases in output over time

Trade balance correct answers relationship between exports and imports

Trade surplus correct answers exports>imports

Trade deficit correct answers exports<imports

Production Possibilities correct answers amount of production that may occur given economic
resources and technology

Labor Productivity correct answers measure of how much a unit of labor input (LI) may produce
(output divided by LI)

Point outside PPC correct answers unattainable inside

Demand correct answers consumer willingness and ability to purchase output

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