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ECON 111: Principles of Macroeconomics Exam 1 || 100% CORRECT SOLUTIONS!! $10.99
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ECON 111: Principles of Macroeconomics Exam 1 || 100% CORRECT SOLUTIONS!!
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Economics correct answers the social science dealing with the allocation of scarce resources to meet unlimited wants; science of constrained choice Social Science correct answers a science dealing with human behavior Allocation correct answers distribution, assigning 4 correct answers How ...

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  • August 20, 2024
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ECON 111: Principles of Macroeconomics Exam 1 || 100%
CORRECT SOLUTIONS!!
Economics correct answers the social science dealing with the allocation of scarce resources
to meet unlimited wants; science of constrained choice

Social Science correct answers a science dealing with human behavior

Allocation correct answers distribution, assigning

4 correct answers How many factors of production are there?

Factors of Production correct answers 1.Land
2. Labor
3. Capital
4. Entrepreneurial Ability

Land correct answers all natural resources (air, minerals, etc.)

Labor correct answers all mental and physical human effort; This includes human capital

Capital correct answers tools, equipment, and machinery (includes building) used in
production process; NOT money
ex: power drill, conveyor belt, etc.

Entrepreneurial Ability correct answers individual or group of individuals that takes the risk
and pulls together all of the factors of production

Depreciation correct answers tools, equipment, and machinery falling or breaking apart

Factors of Production correct answers used to produce goods and services

The Economic Problem correct answers Unlimited wants; Human beings have an insatiable
desire for goods and services; Scarce resources and unlimited wants (problem)

Scarcity correct answers this requires choice

Choice correct answers When you make this something must be given up

Opportunity Cost correct answers the most important thing you give up when a choice is
made; next best alternative; second choice; this concept explains or behavior and decision
making

Model correct answers simplification of reality

Ceteris Paribus correct answers other things remaining equal; all other things remaining
constant

Production Possibilities correct answers model that shows production possibilities

, Assumptions for production possibilities correct answers 1. Two-good economy
2. Resources are efficiently utilized (no idle or unemployed)
3. Technology and resources are fixed

Factors of Production correct answers these are designed as factors of production

Opportunity Cost correct answers will always be stated in the terms of the good you are
giving up

Law of Increasing Cost correct answers As production of a good increases, the opportunity
cost in terms of the other good given will increase; explains why the PPC is concave to the
origin

Why is the law of increasing cost correct? correct answers Resources are specialized and not
perfectly adaptable among uses

In PPC the best place to operate correct answers On the curve

Three Fundamental Questions (questions all economic systems must answer) correct answers
1. What? (what goods and services will be produced)
2. How? (how will they produced)
-By the businesses that can do so efficiently and make profit
3. Who? (who will get those services)
-Those who are willing and able to pay

Dollar Votes correct answers says when you continually buy something, you are casting a
vote

Consumer Sovereignty correct answers says the consumer is in charge

Growth correct answers All systems must accommodate change and promote ____

Capitalism or Market Economy correct answers What kind of Economic System do we have?

Market correct answers any place or mechanism that brings togethers buyers and sellers

Market System correct answers allocates scarce resources through the interaction buyers and
sellers

Mixed Market System correct answers A little help from the government; government is
responsible for much less than people think

Three Economic Systems correct answers 1. Market System
2. Command or Planned Economy
3. Tradition and Custom

Command or Planned Economy correct answers Main issue with this: how can you make
people want to work?

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