Econ Final Exam(All Accurately solved)
In a ___________________ economy the government does not tell consumers and producers directly
what they need to buy or produce, but they impose some limitations to guide production and to protect
consumers and workers from unfair treatment. correct answers Mixed
In a ___________________economy the three economic questions are answered by "What has always
been done." correct answers Traditional
Which of these is a negative unintended consequence from your decision to go out for the evening before
your morning math test? correct answers You did poorly on your math test
Which of these best describes the invisible hand theory of Adam Smith? correct answers When we act to
better ourselves, society as a whole also benefits
Raising the minimum wage could decrease employment of minimum wage workers. Which of these is an
unintended consequence of raising the minimum wage? correct answers Some minimum wage workers
lose their job
Christopher can pay $20 for one pair of shoes or $30 for two pairs of shoes. The marginal cost of the
second pair of shoes is correct answers $10
Which of the following is a category of economic resources? correct answers Labor
Which of the following is an important feature of a command economy? correct answers Government
intervention
Heath can pay $10 for one meal deal at the hamburger restaurant or $15 for two meal deals. The marginal
cost of the second meal deal is correct answers $5
Scarcity exists when there are _____ resources available to satisfy all the competing uses. correct answers
Not enough
Which of the following is an important feature of a market economy? correct answers The profit motive
In a ___________________ economy the government does not tell consumers and producers directly
what they need to buy or produce, but they impose some limitations to guide production and to protect
consumers and workers from unfair treatment. correct answers Mixed
In a ___________________economy the three economic questions are answered by "What has always
been done." correct answers Traditional
Which of these is a negative unintended consequence from your decision to go out for the evening before
your morning math test? correct answers You did poorly on your math test
Which of these best describes the invisible hand theory of Adam Smith? correct answers When we act to
better ourselves, society as a whole also benefits
Raising the minimum wage could decrease employment of minimum wage workers. Which of these is an
unintended consequence of raising the minimum wage? correct answers Some minimum wage workers
lose their job
Christopher can pay $20 for one pair of shoes or $30 for two pairs of shoes. The marginal cost of the
second pair of shoes is correct answers $10
Which of the following is a category of economic resources? correct answers Labor
Which of the following is an important feature of a command economy? correct answers Government
intervention
Heath can pay $10 for one meal deal at the hamburger restaurant or $15 for two meal deals. The marginal
cost of the second meal deal is correct answers $5
Scarcity exists when there are _____ resources available to satisfy all the competing uses. correct answers
Not enough
Which of the following is an important feature of a market economy? correct answers The profit motive
