ECN 220 ECN220 Week 7 Quiz Answers (Grand Canyon University)

ECN 220 ECN220 Week 7 Quiz

1. In economics, scarcity means that:
2. A consequence of the economic problem of scarcity is that:
3. Opportunity cost is:
4. The basic factors of production include:
5. According to the law of increasing opportunity costs:
6. Which of the following is an assumption under which the production-possibilities curve is drawn?
7. An increase in the capacity to produce can be represented by a movement from:
8. A shift of the production-possibilities curve from PP1 to PP2 could be caused by:
9. A movement from point F to point D results in:
10. At point A: