Exam 3: The Fundamental Economic Problem Scarcity and Choice

Explore all topics

Economists use the term capital to describe that factor of production that includes human-made resources such as factories,buildings,machinery and tools.

(True/False)

4.8/5

(37)

Question 241

Firms are encouraged by the profit motive to use inputs efficiently.

(True/False)

4.9/5

(34)

Question 242

If you discover that the opportunity cost of raising your economics grade is zero,you

(Multiple Choice)

4.8/5

(39)

Question 243

Suppose a farmer produces 50 bushels of corn and 10 bushels of peanuts.According to Table 3-1,the opportunity cost of 10 more bushels of peanuts is

(Multiple Choice)

4.9/5

(37)

Question 244

Only a market economy must answer the questions of what goods to produce,how to produce them,and for whom to produce them.

(True/False)

4.8/5

(34)

Question 245

Money is scarce,but resources are not.

(True/False)

4.9/5

(31)

Question 246

A market system works very well in solving some basic problems of the economy but it fails in some cases.Provide examples.

(Essay)

4.9/5

(37)

Question 247

Although finished goods are scarce,the inputs to produce them are not scarce.

(True/False)

4.8/5

(41)

Question 248

A recent study found that it was cheaper to buy a chicken dinner from Kentucky Fried Chicken than it was to prepare it at home.The researcher included all costs including the imputed value of time involved to prepare the meal at home.This study illustrates the

(Multiple Choice)

4.8/5

(40)

Question 249

The central question in economics is how to

(Multiple Choice)

4.9/5

(32)

Question 250

Showing 241 - 250 of 250

Economists use the term capital to describe that factor of production that includes human-made resources such as factories,buildings,machinery and tools.

Firms are encouraged by the profit motive to use inputs efficiently.

If you discover that the opportunity cost of raising your economics grade is zero,you

Suppose a farmer produces 50 bushels of corn and 10 bushels of peanuts.According to Table 3-1,the opportunity cost of 10 more bushels of peanuts is

Only a market economy must answer the questions of what goods to produce,how to produce them,and for whom to produce them.

Money is scarce,but resources are not.

A market system works very well in solving some basic problems of the economy but it fails in some cases.Provide examples.

Although finished goods are scarce,the inputs to produce them are not scarce.

A recent study found that it was cheaper to buy a chicken dinner from Kentucky Fried Chicken than it was to prepare it at home.The researcher included all costs including the imputed value of time involved to prepare the meal at home.This study illustrates the

The central question in economics is how to

What Is Economics

The Economy Myth and Reality

Supply and Demand An Initial Look

An Introduction To Macroeconomics

The Goals Of Macroeconomic Policy

Economic Growth Theory And Policy

Aggregate Demand and The Powerful Consumer

Demand Side Equilibrium Unemployment Or Inflation

Bringing In The Supply Side Unemployment and Inflation

Managing Aggregate Demand Fiscal Policy

Money and The Banking System

Monetary Policy Conventional and Unconventional

The Financial Crisis and The Great Recession

The Debate Over Monetary and Fiscal Policy

Budget Deficits In The Short and Long Run

The Trade Off Between Inflation and Unemployment

International Trade and Comparative Advantage

The International Monetary System Order Or Disorder

Exchange Rates and The Macroeconomy

Filters