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Revision Examination Tests
“Come all for this Greatness”
... 100% Correct answers...
FAMU ECONOMICS EXAM 1 TEST QUESTIONS 2024-2025 -
QUESTIONS AND CORRECT DETAILED ANSWERS
Economists say that making choices involves comparing....
a. Excess costs and excess benefits
b. Desires and capabilities
c. Individuals' wants and society's wants
d. Marginal costs and marginal benefits
e. All of the above
Ans: marginal costs and marginal benefits
Quiz sunk cost
Ans: a cost that has already been paid and cannot be recovered
Quiz PPF (Production Possibilities Frontier)
Ans: a curve that shows the maximum quantity of one good that can be produced
for each possible quantity of another good produced
Quiz Externailities
Ans: the cost of benefit that affects a party who did not choose to incur that cost or
benefit
Quiz The ability-to-pay principle (of taxation)
Revision Examination Tests
“Come all for this Greatness”
... 100% Correct answers...
FAMU ECONOMICS EXAM 1 TEST QUESTIONS 2024-2025 -
QUESTIONS AND CORRECT DETAILED ANSWERS
Economists say that making choices involves comparing....
a. Excess costs and excess benefits
b. Desires and capabilities
c. Individuals' wants and society's wants
d. Marginal costs and marginal benefits
e. All of the above
Ans: marginal costs and marginal benefits
Quiz sunk cost
Ans: a cost that has already been paid and cannot be recovered
Quiz PPF (Production Possibilities Frontier)
Ans: a curve that shows the maximum quantity of one good that can be produced
for each possible quantity of another good produced
Quiz Externailities
Ans: the cost of benefit that affects a party who did not choose to incur that cost or
benefit
Quiz The ability-to-pay principle (of taxation)
