Eco 212 Final Exam
ECO 212 Final Exam
1) According to economics, what causes us to have to make choices?
A. unlimited resources.
B. scarcity.
C. unemployment.
D. greed.
2) Why do consumers have to make tradeoffs in deciding what to consume?
A. there are not enough of all goods produced.
B. the prices of goods vary.
C. not all goods give them the same amount of satisfaction.
D. they are limited by a budget constraint.
3) What is the term in economics by which a group of buyers and sellers of a product come together to trade?
A. trade-off
B. cooperative
C. collective
D. market
4) Which of the following is not a critical function of the government in facilitating …show more content…
economic growth; a low current account deficit
D. stability of financial markets; a low current account deficit
43) Table 2-3 Serena Haley
Bracelets 8 9
Necklaces 16 12
Refer to Table 2-3. Which of the following statements is true?
A. Haley has an absolute advantage in making both products.
B. Serena has an absolute advantage in making both products.
C. Haley has an absolute advantage in making bracelets and Serena in making necklaces. D. Haley has an absolute advantage in making necklaces and Serena in making bracelets.
44) Specializing in the production of a good or service in which one has a comparative advantage enables a country to do all of the following except
A. engage in mutually beneficial trade with other nations.
B. increase the variety of products that it can consume with no increase in resources. C. consume a combination of goods that lies outside its own production possibilities frontier. D. produce a combination of goods that lies outside its own production possibilities frontier.
45) Table 2-3 Serena Haley
Bracelets 8 9
Necklaces 16 12
Refer to Table 2-3. What is Haley's opportunity cost of making a
1) According to economics, what causes us to have to make choices?
A. unlimited resources.
B. scarcity.
C. unemployment.
D. greed.
2) Why do consumers have to make tradeoffs in deciding what to consume?
A. there are not enough of all goods produced.
B. the prices of goods vary.
C. not all goods give them the same amount of satisfaction.
D. they are limited by a budget constraint.
3) What is the term in economics by which a group of buyers and sellers of a product come together to trade?
A. trade-off
B. cooperative
C. collective
D. market
4) Which of the following is not a critical function of the government in facilitating …show more content…
economic growth; a low current account deficit
D. stability of financial markets; a low current account deficit
43) Table 2-3 Serena Haley
Bracelets 8 9
Necklaces 16 12
Refer to Table 2-3. Which of the following statements is true?
A. Haley has an absolute advantage in making both products.
B. Serena has an absolute advantage in making both products.
C. Haley has an absolute advantage in making bracelets and Serena in making necklaces. D. Haley has an absolute advantage in making necklaces and Serena in making bracelets.
44) Specializing in the production of a good or service in which one has a comparative advantage enables a country to do all of the following except
A. engage in mutually beneficial trade with other nations.
B. increase the variety of products that it can consume with no increase in resources. C. consume a combination of goods that lies outside its own production possibilities frontier. D. produce a combination of goods that lies outside its own production possibilities frontier.
45) Table 2-3 Serena Haley
Bracelets 8 9
Necklaces 16 12
Refer to Table 2-3. What is Haley's opportunity cost of making a