__________ is the fundamental economic problem of having only a limited amount of resources and a seemingly unlimited amount of human needs and wants. correct answers Scarcity
What are the three basic questions that Economists are concerned with answering? correct answers WHAT to produce, HOW to...
Econ Chapters (with solved solutions)
__________ is the fundamental economic problem of having only a limited amount of resources and a
seemingly unlimited amount of human needs and wants. correct answers Scarcity
What are the three basic questions that Economists are concerned with answering? correct answers
WHAT to produce, HOW to produce and FOR WHOM to produce
Which of the following is true about Resources? correct answers All of the options
If a particular society is especially environmentally conscious, what method of production are they most
likely to choose if they are also thinking economically? correct answers An expensive and laborious
method of production which eliminates pollution entirely.
_________ is the study of how societies in the past have attempted to satisfy seemingly unlimited wants
with scarce resources and what societies in the future should do to satisfy their own unlimited needs
and wants through the closely studied and carefully considered allocation of scarce resources. correct
answers Economics
When considering Production Functions, Economists tend to think in terms of the ________. correct
answers variable inputs
What is a Production Function? correct answers A figure that shows how total output, or production,
shifts depending on one variable input if all other inputs remain fixed.
What are Diminishing Marginal Returns? correct answers When both Total Output and Marginal Return
are continuing to increase but at a decreasing rate with each additional unit of variable input.
In the graph and table, at what point does Stage 3—Negative Marginal Returns begin? correct answers 9
workers
What is a Production Possibilities Frontier? correct answers A graphic way of comparing any two
products to see how an economy's limited resources can be efficiently divided between the production
of both.
,Why are Specialization and Trade associated? correct answers Without Specialization, Trade would lose
much of its benefit and the quality of products would decline; without Trade, Specialization would be
impossible as everyone would be forced to complete all aspects of production by themselves.
What are two ways an economy can spur its own expansion? correct answers Specialization and Trade.
What do the points on the line of a Production Possibilities Frontier represent? correct answers Where
an economy could get if it reached its full potential.
If a company wants to produce 100 pairs of shoes which will require 500 units of rubber, or 50 pairs of
sandals which will require 750 units of rubber, but the company only has 1000 units of rubber available,
what are some possible solutions for the company? correct answers All of the options.
Which of the following is true about Resources? correct answers All of the options
What are the three basic questions that Economists are concerned with answering? correct answers
WHAT to produce, HOW to produce and FOR WHOM to produce
If a particular society is especially environmentally conscious, what method of production are they most
likely to choose if they are also thinking economically? correct answers A somewhat efficient and
relatively cost productive method which radically reduces pollution.
__________ is the fundamental economic problem of having only a limited amount of resources and a
seemingly unlimited amount of human needs and wants. correct answers Scarcity
_________ is the study of how societies in the past have attempted to satisfy seemingly unlimited wants
with scarce resources and what societies in the future should do to satisfy their own unlimited needs
and wants through the closely studied and carefully considered allocation of scarce resources. correct
answers Economics
When considering Production Functions, Economists tend to think in terms of the ________. correct
answers variable inputs
, What is a Production Function? correct answers A figure that shows how total output, or production,
shifts depending on one variable input if all other inputs remain fixed.
What are Diminishing Marginal Returns? correct answers When both Total Output and Marginal Return
are continuing to increase but at a decreasing rate with each additional unit of variable input.
In the graph and table, at what point does Stage 3—Negative Marginal Returns begin? correct answers 9
workers
In the graph and table, at what point does Stage 2—Diminishing Marginal Returns begin and at what
point does it end? correct answers Begins at 6 workers and ends at 8 workers.
Why are Specialization and Trade associated? correct answers Without Specialization, Trade would lose
much of its benefit and the quality of products would decline; without Trade, Specialization would be
impossible as everyone would be forced to complete all aspects of production by themselves.
What is a Production Possibilities Frontier? correct answers A graphic way of comparing any two
products to see how an economy's limited resources can be efficiently divided between the production
of both.
What do the points on the line of a Production Possibilities Frontier represent? correct answers Where
an economy could get if it reached its full potential.
What are two ways an economy can spur its own expansion? correct answers Specialization and Trade.
If a company wants to produce 100 pairs of shoes which will require 500 units of rubber, or 50 pairs of
sandals which will require 750 units of rubber, but the company only has 1000 units of rubber available,
what are some possible solutions for the company? correct answers All of the options.
What is the Law of Demand? correct answers Quantity demanded varies inversely with price
What shape is the demand curve? correct answers Downward sloping
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