ACCELERATED PATHWAY TO MEDICAL EDUCATION (APME) EXAM QUESTIONS COMPLETE 2025/2026 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ BRAND NEW!!

Scarcity is a: - ANSWER >>>>condition that impacts rich and poor nations
across the world.
Every economy is faced with three basic questions. Which one of the
following is not one of those basic questions?
A)What to produce?
B)How to fairly tax the production and possession of products?
C)How shall the products be made?
D)For whom is the product made? - ANSWER >>>>B) How to fairly tax the
production and possession of products?
You and several friends are stranded on a desert island. The group decides
to gather coconuts. Being afraid of heights, the group decides that the best
way to gather coconuts would be to knock them down by throwing rocks at
them. Later, it is decided to build a catapult to hurl the rocks into the tops of
the palm trees. How would economists classify the rocks and the catapult?
- ANSWER >>>>Rocks are land, and the catapult is capital since it had to
be built by people.
Which of the following correctly matches a factor of production with its
payment?
Owners of land earn wages.
Providers of labor earn wages
The entrepreneur earns interest.
The capitalist earns rent.
Owners of land receive profits. - ANSWER >>>>Providers of Labor earn
wages
What one function differentiates a business manager from an
entrepreneur? - ANSWER >>>>The entrepreneur assumes the
responsibility for the risk of failure for the business; the manager doesn't.
To the economist, "labor" involves: - ANSWER >>>>any human effort in
the production process.