Category: Introduction To Economics

A. positive statements, facts
B. opinions personal facts
C. positive statements values
D. opinions facts

A. no more of the activity.
B. less of the activity
C. more of the activity
D. more or less, depending on the benefits of other activities

A. descriptive economics
B. normative economics
C. macroeconomics.
D. microeconomics

A. What to produce
B. Who to produce for
C. How to produce
D. How to maximize economic growth

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 buying an additional unit of a product

A. of labor supplied by all households.
B. Produced by the government.
C. of goods and services produced in an economy.
D. of products produced by a given industry.

A. The free provision of products
B. The Subsidizing of products by the government
C. Market forces of supply and demand
D. All trade via barter

A. how society manages its unlimited resource
B. how to reduce our wants until we are satisfied.
C. how to fully satisfy our unlimited wants
D. how to avoid having to make trade-offs

A. reduces market power
B. Proves that there is such a thing as a free lunch
C. improves efficiency at the expense of equity.
D. improves equity at the expense of efficiency.

A. the action is ethical
B. The action produces marginal costs that exceed marginal benefits.
C. The action produces marginal benefits that exceed marginal costs.
D. The action makes money for the person.