Practice_Final_Exam - Practice Final Exam Choose the most...

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Practice Final Exam Choose the most correct answer for each statement. 1. Money is A) a socially determined medium of exchange. B) what a person, household or nation needs to be wealthy. C) is the motivating force of all economic activity. D) none of the above. 2. A price of an economic item is 3. The study of economics includes, ceteris paribus : 4. A problem exists 5. Descriptive economics is focused primarily on A) what is produced, traded and consumed. B) relationships among economic entities and economic items. C) recommendation of rules for managing an economy. D) all of the above. 6. Economic Welfare Theory is focused primarily on 7. The properties of an economic concept include: 8. A Production Possibility Frontier of a society is a collection of 1
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Practice Final Exam 9. A Social Indifference Curve represents A) various bundles of products and services that can be produced by the society when using all of its resources as effectively as possible. B) bundles of pairs of products a society can produce when using all of its resources as effectively as possible. C) bundles of products and services that the society will find equally satisfying. D) pairs of products and services that will make each member of the society as happy as any other possible pair.
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