ECON 102 QUESTIONS AND ANSWERS LATEST UPDATED
VERSION, GRADED A+.
Economics is the study of how to use
limited resources to satisfy unlimited wants as completely as possible.
Which of the following is an example of macroeconomic analysis?
a study of the factors that influence the overall unemployment rate
The four categories of economic resources are
labor, capital, entrepreneurship, and land.
In economics, the term "capital" (as a resource) means
machinery and other human-made aids to production.
Which of the following is not an economic resource?
money
The term "ceteris paribus" means
other things being equal.
A production possibilities curve shows
the combinations of two products that an economy is capable of producing with its finite resource stock.
A nation's production possibilities curve is constructed under the assumption that
the economy's resource stock is fixed or unchanged.
If an economy is operating on its production possibilities curve for consumer goods and capital goods
it can only produce more consumer goods if it produces fewer capital goods.
If a society is operating inside its production possibilities curve for guns and butter, then
some economic resources are unemployed.
An economy's production possibilities curve would shift outward as a result of
a resource-saving advance in production technology.
According to the law of increasing opportunity costs
if a society desires more of some particular product, it must sacrifice larger and larger amounts of other
products.
Trade with other nations can make it possible for a country to
VERSION, GRADED A+.
Economics is the study of how to use
limited resources to satisfy unlimited wants as completely as possible.
Which of the following is an example of macroeconomic analysis?
a study of the factors that influence the overall unemployment rate
The four categories of economic resources are
labor, capital, entrepreneurship, and land.
In economics, the term "capital" (as a resource) means
machinery and other human-made aids to production.
Which of the following is not an economic resource?
money
The term "ceteris paribus" means
other things being equal.
A production possibilities curve shows
the combinations of two products that an economy is capable of producing with its finite resource stock.
A nation's production possibilities curve is constructed under the assumption that
the economy's resource stock is fixed or unchanged.
If an economy is operating on its production possibilities curve for consumer goods and capital goods
it can only produce more consumer goods if it produces fewer capital goods.
If a society is operating inside its production possibilities curve for guns and butter, then
some economic resources are unemployed.
An economy's production possibilities curve would shift outward as a result of
a resource-saving advance in production technology.
According to the law of increasing opportunity costs
if a society desires more of some particular product, it must sacrifice larger and larger amounts of other
products.
Trade with other nations can make it possible for a country to
