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Economics Exam Revision Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed $11.49   Add to cart

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Economics Exam Revision Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed

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It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to discontinue production of shirts to focus on jeans. For this company, the $15 is the _______, and discontinuation of shirt production is considered their __________. opportunity cost; production cost production...

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  • August 27, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Economics
  • Economics
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Excellence is key | 2024/2025 ~Page |1



Economics Exam Revision Questions &
100% Correct Answers- Latest Test |
Graded A+ | Passed
It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to

discontinue production of shirts to focus on jeans. For this company, the $15 is the _______,

and discontinuation of shirt production is considered their __________.


opportunity cost; production cost


production cost; resource cost


production cost; opportunity cost


resource cost; production cost


֎ -:- production cost, opportunity cost




Which occurs during disequilibrium? Check all that apply.


Supply and demand meet.


Supply is less than demand.


Supply and demand set prices.


Supply is greater than demand.


Supply and demand set production.


֎ -:- Supply is less than demand, Supply is greater than demand.




26/08/2024 | © Copyright- This work may not be copied for profit.

, Excellence is key | 2024/2025 ~Page |2


Which is the best definition of hyperinflation?


a gradual decrease in the price of goods and services


a gradual increase in the price of goods and services


an exponential decrease in the price of goods and services


an exponential increase in the price of goods and services


֎ -:- a gradual increase in the price of goods and services




How do trade agreements help the countries involved?


by restricting imports


by accelerating production


by expanding tax revenues


by decreasing trade barriers


֎ -:- by decreasing trade barriers




Look at the following chart.


Producer A's opportunity cost would be


analyzing the climate to see which fruit would grow better.


studying the profitability of growing apples versus oranges.


researching what competitors are doing.




26/08/2024 | © Copyright- This work may not be copied for profit.

, Excellence is key | 2024/2025 ~Page |3


choosing to grow both fruit varieties or only apples.


֎ -:- choosing to grow both fruit varieties or only apples.




Which are affected by the factors of production? Check all that apply.


the demand of the item


the availability of the item


the cost of the item


the quality of the item


the popularity of the item


֎ -:- the demand of the item

the availability of the item


the quality of the item




When it spends money on education, a government is trying to


find a way to meet a social need.


encourage immediate economic growth.


meet a social need and improve the economy.


find a way to spend budget surpluses.




26/08/2024 | © Copyright- This work may not be copied for profit.

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