Normative economics Forms ________ based on ________?

Related Mcqs:

In a command (planned) economy ?

A. The price mechanism acts as an incentive B. Resources are allocated by market forces C. Individual firms make decisions for themselves about what to produce and how to produce it D. The public sector is large...

Foreign trade ?

A. increase the scarcity of resources. B. makes a country more equitable. C. allows a country to have a greater variety of products at a lower cost than if it tried to produce everything to home. D. None of these...

When we know the quantity of a product that buyers wish to purchase at each possible price we know_____________?

A. Demand B. Supply C. Excess demand D. Excess supply...

Opportunity cost is_________________?

A. the cost incurred in the past before we make a decision about what to do in the future. B. a cost that cannot be avoided. regardless of what is done in the future C. that which we forgo, or give up, when we make a choice or a decision. D. the additional benefit of … Opportunity cost is_________________?Read More...

A market can accurately be described as_________________?

A. a place to buy things B. a place to sell things C. the process by which prices adjust to reconcile the allocation of resources D. a place where buyers and sellers meet...