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ECON 1 B – SJCC Exam Questions with 100% Correct Answers | Rated A+ $11.99
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ECON 1 B – SJCC Exam Questions with 100% Correct Answers | Rated A+

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  • Course
  • Econ 528
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  • Econ 528

ECON 1 B – SJCC Exam Questions with 100% Correct Answers | Rated A+ A country's standard of living is closely correlated with it: A) Physical size B) Population density C) Mineral Resources D) Cultural diversity E) Labor force Productivity - E) labor force productivity Economic analysis i...

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  • December 23, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ 528
  • Econ 528
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JOSHCLAY
ECON 1 B – SJCC Exam Questions with

100% Correct Answers | Rated A+


A country's standard of living is closely correlated with it:



A) Physical size



B) Population density



C) Mineral Resources



D) Cultural diversity



E) Labor force Productivity - ✔✔E) labor force productivity

Economic analysis is:



A) widely understood by all in our society




1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,B) important for solving problems in developing and socialist societies but

of little use in western capitalist systems



C) a set of mathematical rules to ensure a society's happiness and

prosperity



D) a framework for understanding issues that arise because societies need

to make allocation decisions



E) a natural science concerned with biological growth and change of the

social system - ✔✔D) a framework for understanding issues that arise

because societies need to make allocations decisions.

Economics is best defined as the study of how:



A) to classify resources used to produce final goods and services



B) resources are apportioned to satisfy human wants



C) modern businesses have grown and prospered



2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, D) tech can be used to change scarce resources into free resources



E) pure capitalism has become the best system for satisfying basic human

wants. - ✔✔B) resources are apportioned to satisfy human wants

Economists generally classify economic resources into the following three

categories:



A) men, money, and machines



B) savings, spending, and investment



C) land, labor, and capital



D) physical, human, and tech



E) employed, unemployed, and free - ✔✔C) land, labor, and capital

Society's pool of knowledge concerning the industrial arts is called:



A) Labor



3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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