A. two or more factor markets
B. goods and factor markets
C. goods markets
D. all of the above
Category: Economics
Categories
The PPF can be used to illustrate:
A. the principle of opportunity costs and increasing opportunity costs
B. the distinction between micro and macroeconomics
C. efficient, infeasible and inefficient production combinations
D. all of the above
A. comparing the net benefit of a choice with the total net benefit foregone of all thealternatives combined
B. weighing up total costs and total benefits associated with a decision
C. weighing up m arginal costs and marginal benefits associated with a decision
D. all of the above.
A. a planned economy
B. free-market/capitalism
C. dictatorship
D. a mixed economy
Categories
Positive statements are:
A. value judgments
B. verifiable or testable
C. statements in the affirmative
D. good statements
A. of resource scarcity.
B. economics is a natural science.
C. of the difficulty of distinguishing between normative and positive statements.
D. economics is a social science.
A. ‘all else equal.’
B. ‘everything affects everything else.
‘C. ‘scarcity is a fact of life.’
D. ‘there is no such thing as a free lunch.’
A. Concerns of equity or equal distribution among individuals.
B. The order or command of the ruling government or dictator.
C. The wishes of consumers in the market.
D. The price mechanism
A. points on the ppf.
B. points outside the ppf.
C. either points inside or outside the ppf.
D. points inside the ppf
A. demand curve.
B. supply curve
C. production possibility frontier
.D. circular-flow diagram.