ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2014 Exam1C
Document Summary
Econ 2100 (summer 2014 sections 08 & 09) Economics can be defined as the social science that studies how people make decisions in the face of scarcity. At what age should we allow people to retire? . How can we guarantee that everyone is able to earn a living wage"? . How can we minimize fluctuations in the unemployment rate? . Which individuals get to consume the goods and services that we produce? . Eli and peyton produce footballs and athletic shoes. ________________ suggests that they can increase their total output of these two goods if eli focuses his production on athletic shoes while peyton focuses his production on footballs. A (525 cars and 250 bushels of wheat). B (775 cars and 615 bushels of wheat). C (775 cars and 790 bushels of wheat). None of the above answers are correct, since this graph does not convey enough information to make a comparison of this nature.
