econ 2301 Exam | 421 Questions with 100% Solutions/Verified Answers
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Course
Econ 2301
Institution
Econ 2301
The concept of ________ implies that we have a limited amount of all resources (or assets)
compared to our desire to have more of everything which they can provide. - ANSWER Scarcity
IE 1-1 ... On your PPF graph from the Interactive Exercises, Point "W" represents the
production of $ ___________...
econ 2301 Exam | 421 Questions with 100%
Solutions/Verified Answers
In choosing whether or not to go to a particular concert ... if the marginal benefit (marginal
utility) gained is less than the marginal cost, then it would be "rational"_________ to the
concert. - ANSWER to not go
In the Resource (or Factor) Markets of the Circular Flow model, Households provide
__________ to the Business sector in exchange for Wages. - ANSWER Labor
An individual's reasons for studying economics include being able to improve one's critical
reasoning skills toward understanding social systems and improving one's overall
______________. - ANSWER mental capacities
__________ is the study of the choices we make in the allocation of scarce resources. -
ANSWER Economics
The concept of ________ implies that we have a limited amount of all resources (or assets)
compared to our desire to have more of everything which they can provide. - ANSWER Scarcity
IE 1-1 ... On your PPF graph from the Interactive Exercises, Point "W" represents the
production of $ ____________ worth of Private Sector goods and $ _____________ worth of
Public Sector goods. - ANSWER 4000 and 1000
IE 1-1 ... On your PPF graph from the Interactive Exercises, Point "Y" represents the production
of $ ____________ worth of Private Sector goods and $ _____________ worth of Public Sector
goods. - ANSWER 3800 and 1200
,IE 1-2 ... On your PPF graph from the Interactive Exercises, Point "S" represents the production
of $ ____________ worth of Private Sector goods and $ _____________ worth of Public Sector
goods. - ANSWER 4000 and 1200
IE 1-2 ... On your PPF graph from the Interactive Exercises, Point "R" represents the production
of $ ____________ worth of Private Sector goods and $ _____________ worth of Public Sector
goods. - ANSWER 3500 and 1000
IE 1-3 ... On your PPF graph from the Interactive Exercises, Point "T" represents the production
of $ ____________ worth of Private Sector goods and $ _____________ worth of Public Sector
goods. - ANSWER 3500 and 1200
IE 1-2 ... On your PPF graph from the Interactive Exercises, Point "Z" represents the production
of $ ____________ worth of Private Sector goods and $ _____________ worth of Public Sector
goods. - ANSWER 4600 and 1200
IE 1-3 ... On your PPF graph from the Interactive Exercises, Point "P" represents the production
of $ ____________ worth of Private Sector goods and $ _____________ worth of Public Sector
goods. - ANSWER 4300 and 1200
Unit 1, Lesson 2 - ANSWER
Authority or Command System - ANSWER An economic system that is controlled by a
central authority which owns and allocates resources.
Capital - ANSWER The manufactured resource. The tools and equipment that aid in production.
Economic efficiency - ANSWER Gaining the most output to maximize consumer utility with
a given amount of input.
,Entrepreneural Ability - ANSWER This is the entity in a market economy that combines ladn
labor and capital into a finished product or service.
Factors of Production - ANSWER The basic economic resoursce that are required in production-
land, labor, capital and entrepreneural ability.
Insatiable - ANSWER The human condition where wants are incapable of complete satisfaction.
Labor - ANSWER the human resource. A certain amount of labor is required to produce and
resource.
Land - ANSWER the natural resources that are required to produce any product.
Market Economcy - ANSWER System that allows free interaction between buyer and seller
in the market place. It is characterized by private ownership of resources.
Opportunity Cost - ANSWER Due to scarcity, the choice of one product means giving up
something else. It is the alternative not chosen.
Production Possibilities Curve - ANSWER A model that shows the trade-off that exists between
two goods or services that could potentially be produced by a full-employement, full output
economy assuming that all other resources are fixed.
Productive efficiency - ANSWER gaining the most output with a given amount of input but not
relating output to consumer utility.
The Economic Problem - ANSWER the contrast between virtually unlimited human wants
and the limited availability of resources.
, The Four Questions of Allocation - ANSWER Every society must decide what to product, how
much to produce, how to distribute wealth(for whom) and ways to insure efficiency within
the economy.
Traditional Economic System - ANSWER As system that allow prevailing customs to determine
the allocation of resources.
In the Circular Flow example, ________ individuals from the Households are choosing to try to
sell their time and talent in the Factor Market. - ANSWER 125
Investment is the spending for ____________ and must come from savings in a pervious time
period. - ANSWER Capital Goods
_____________ of concepts is one important means of understanding Economics. - ANSWER
Visualization
One of the Four Questions of Allocation is ______________. Within a market economy this
decision is made by consumer sovereignty, i.e. consumer wants. - ANSWER What to produce
_________________ is the production of that combination of goods that consumers' desire the
most (maximum utility) given a fixed amount of resource input. - ANSWER Economic Efficiency
In America through most of the 1800's a firm stand was taken in favor of the "laissez faire"
economic views of _________________ . - ANSWER Smith and Ricardo
The transition away from Traditional and Autocratic systems began as the manor life yielded to
the city life in the 17th and 18th centuries in ____________ . - ANSWER Europe
The __________ of the 1930's caused many to lose confidence in traditional classical theories
of economics. - ANSWER Depression
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