Econ 1st Sem Exam 24 part 1

Front

What is the primary focus of economics as a science? Options: Wealth accumulation, Market prediction, Scarcity and resource allocation, Government policy

Back

Scarcity and resource allocation

Front

Which of the following is NOT typically considered a scarce resource in economics? Time, Money, Air, Attention

Back

Air

Front

Which of the following is an example of a choice "at the margin"? Options: Deciding whether to go to college or not, Choosing between two different career paths, Deciding whether to study for one more hour, Selecting a major in university

Back

Deciding whether to study for one more hour

Front

What does the economic concept of "ceteris paribus" mean?

Back

All things being equal

Front

Which of the following is NOT considered one of the four main factors of production? Land, Labor, Capital, Technology

Back

Technology

Front

In the context of factors of production, what does "enterprise" refer to?

Back

The risk-taking and organizing factor

Front

Which of the following is an example of "human capital"? A factory building, A company's stock of raw materials, Money in a business bank account

Back

An employee's education and skills

Front

What does a Production Possibilities Curve (PPC) represent?

Back

The maximum possible production combinations of two goods

Front

What happens to a PPC if there's an improvement in technology?

Back

It shifts outward.

Front

What typically happens to the demand for a normal good when household income increases?

Back

Demand increases