Virtual SC economics CP final exam questions and answers.

Virtual SC economics CP final exam questions and answers. The study of economics involves ________________ a) explaining how people deal with scarcity b) studying how things are made, bought, sold, and used c) explaining how incomes are earned and how jobs are created d) all of these - Correct Answer Correct Answer: D When a nation's total output increases over time, the nation is experiencing _____________ a) a decrease in gross domestic product b) economic growth c) economic interdependence d) an expansion of the possibilities curve - Correct Answer Correct Answer: B Which of the following descriptions best explains the meaning of opportunity cost? a) the initial cost of starting a new business b) the cost of business failure c) the cost of choosing one alternative over another d) the risk associated with producing a new item - Correct Answer Correct Answer: C A nation's wealth is determined by its ______________ a) accumulation of all tangible and intangible resources b) natural resources c) accumulation of all tangible products