The basic economic problem is:
Dealing with limited resources
Positive economics is based on:
Reality
Which of the following is an economic resource: natural,capital,human
all of the above
Economics is a:
Social Science
Opportunity cost can be defined as
What is lost when we make decsions
When something is good for an individual but not good for society. This follows:
The Fallacy of Composition
The production possibility curve illustrates the basic principle that:
If all the resources of an economy are fully used, more of one item could be produced only if less of another item is produced
The fact that we are operating at a point inside a bowed out production possibilities frontier indicates that there is :
unemployment
This automobile crash was caused by bad weather". This is an example of the:
Fallacy of Single Causation
On a graph, the production possibility curve represents: The maximum potential output
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A chicken farm has three inputs, Land, labour, and Animal Feed. The farmer is able in increase all inputs proportionally. Under these circumstances, in attempting to increase the scale of production, the enterprise will face which economic law comparing i
The law of increasing returns to scale
A growing economy can produce more ice cream and more ice cream comes at the same time
Which is not an illustration of the notion of opportunity cost
When a government chooses to use available resources to build a hospital, those resources are no longer available to build a new highway. This best illustrates the economic concept of
Scarcity
The opportunity cost of you buying a $10 CD is:
Your best alternative use of the $10
A movement along the production possibility curve will result from:
A re-allocation of available production resources
Which of the following is an example of a normative statement?
Households should save more
Every economy must answer the questions: what to price, how to produce and....
for whom to produce
Human capital is
the accumulated skill and knowledge of workers
The canadian economy is an example of a______ economic system
Mixed
In a command economy
Productive resources are owned by the state and allocated by the governemnt
Which of the following goals are conflicting: passing driving school&driving test, eating healthy and staying fit, studying for economics test and passing
none of the above
The political economy based on state ownership of productive resources&democratic government is called:
Socialism
Which political economy makes up the extreme right wing of the political spectrum bu combining free market economy with a non-democratic or authoritarian form of government
Facism
Which of the following is not a major goal of the Canadian economy today
Nationilizaiton of Enterprise
Self-sufficient subsistence?is a characteristic of which type of economic system?
Traditional
do multiple choice #26 on test
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