Category: Introduction To Economics

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

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

A. construct price lists
B. compare shop prices
C. measure changes in the cost of living
D. None of the above

A. vertical axis and horizontal axis
B. intercept and slope
C. scale and slope
D. intercept and scale

A. a period of declining prices.
B. a period of declining unemployment
C. a period during which aggregate output declines.
D. a period of very rapidly declining prices.

A. Production technology
B. Consumption decisions
C. how society decides what how and for whom to produce
D. the best way to run society

A. they suggest relationships for explanation, allow testing of hypotheses
B. they can be used for tables, they can be graphed
C. they can be used in computers governments use them
D. they provide interesting information can be summarized

A. Everything is sold
B. Buyers spend all their money
C. Quantity demanded equal quality supplied
D. Excess demanded equals quantity
E. C and D

A. Has supply but not demand
B. Has demand but not supply
C. Has supply and demand
D. Has market forces and government intervention

A. is relevant only for a capitalist economy like the United States.
B. Suggests a major increase in public health care spending means an expansion in other areas will be harder to achieve.
C. Suggests all our wants can be achieved.
D. Would be relevant if we eliminated poverty