Category: Introduction To Economics

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

A. the price of related goods consumer income
B. consumer incomes, tastes
C. the costs of production bank opening hours
D. the price of related goods preferences

A. a nonlinear relationship
B. a positive linear relationship
C. a scatter diagrams
D. a negative linear relationship

A. More spending by the government reduces poverty
B. Higher taxes lead to less desire to work
C. The Pakistan’s economy is growing fast relative to other SAARC members
D. The government should concentrate on reducing unemployment

A. capital consumption frontier.
B. Lorenz curve.
C. Circular-flow diagram.
D. Production possibility curve.

A. points outside the production possibility curve
B. either points inside or outside the production possibility curve.
C. points on the production possibility curve
D. points inside the production possibility curve.

A. unions increasing wages too much
B. OPEC raising the price of oil too much
C. governments increasing the quantity of money too much
D. regulations raising the cost of production too much