Scarcity exists because Study guides, Class notes & Summaries

UNT ECON 1100 Exam 1 The primary difference between a change in supply and a change in the quantity supplied is: - a change in quantity supplied is caused by a change in the price of the good itself, and a change in supply is caused by a change in a non-price determinant of supply Which of the following will cause a decrease in the demand for batteries? - An increase in the price of digital cameras, a complement for batteries Based on the information in the table below, the opportuni...

TEXAS SAE: REAL ESTATE APPRAISAL EXAM WITH COMPLETE SOLUTIONS Which two terms are synonymous and are defined as the amount of rent typical for properties that are comparable to the subject property? Economic rent, market rent Which of the following properties would you expect to appraise highest? Q1, C1 There are many advantages to holding property within a trust. One of the most important advantages is that some trusts ______. Avoid probate Ken, Barbie, and Skipper owned a property as...

ECON 1100 UNT DADRES FINAL EXAM Questions and Answers When wants and needs exceed the resources available to satisfy them: ANSWER scarcity exists and decisions must be made about how to allocate limited resources among competing uses. Which of the following is a normative microeconomic statement? ANSWER Government should lower the taxes paid by small businesses. Which of the following is an example of capital as a factor of production? ANSWER Kitchen equipment for a new restaurant ventu...

1) Scarcity exists because A) human wants exceed the resources available to satisfy them. B) some individuals have low income. C) the costs of production are high. D) some people make bad economic decisions. E) people take too much leisure time. correct answer: A 2) Which of the following statements best describes the study of economics? Economics studies how A) to organize production so that scarcity does not occur. B) firms make profits. C) we make choices in the face of scarcit...

Because of scarcity, every economic decision involves - a trade-off. Ryan spends an hour studying instead of going for a bike ride. Assume studying and bike riding were Ryan's only options for that hour. The opportunity cost to him of studying is: - the enjoyment and exercise he would have received from bike riding. The gains from trade are: - a result of more efficient resource allocation. Which of the following would not tend to lower the price of VCRs? - increasing price of pay-per-...

TEXAS SAE: REAL ESTATE APPRAISAL EXAM WITH COMPLETE SOLUTIONS Which two terms are synonymous and are defined as the amount of rent typical for properties that are comparable to the subject property? Economic rent, market rent Which of the following properties would you expect to appraise highest? Q1, C1 There are many advantages to holding property within a trust. One of the most important advantages is that some trusts ______. Avoid probate Ken, Barbie, and Skipper owned a property as...

AP Macroeconomics Final Exam - Multiple Choice Test With Properly Answered Questions

Economics ETA Exam Questions and Correct Answers What is the difference between a shortage and scarcity? - ANSWER Scarcity always exists. The economic concept of guns and butter means that.. - ANSWER A government must decide to produce more or less military or consumer goods. If you choose between two summer jobs, the one you do not choose is the _________ - ANSWER Opportunity Costs. Making a decision at the margin is possibly only in situations where.... - ANSW...

Econ 2 Test 1 Questions and Answers 100% CorrectEcon 2 Test 1 Questions and Answers 100% CorrectEcon 2 Test 1 Questions and Answers 100% CorrectEcon 2 Test 1 Questions and Answers 100% Correct Because resources are scarce society must make decisions about all of the following except: A) What to produce B) Whether scarcity exists or not C) How to produce the selected goods and services D) For whom the goods and services are produced - ANSWER-B With respect to factors of production, which...

Aceable Principles of Real Estate 2 Review Exam Questios with 100% Correct Answers Real Estate Settlement Procedures Act (RESPA) - answerto protect consumers from abusive lending practices. General data - answeris information about a property's location. This could include the city, region, and neighborhood in which the property is situated. The appraisal report is usually paid by - answerthe buyer Specific data - answerinformation regarding the property itself. What types of data do Ap...