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10 Cards in this Set
- Front
- Back
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The study of economics is primarily concerned with: |
Choices that are made in seeking to use scarce resources efficiently |
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Which of the following describes a situation most closely related to microeconomics? |
A business firm decides to purchase new computers for its employees |
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Which of the following factors of production is a natural resource? |
Crude oil |
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A student spends $20.00 to hire a tutor for help in preparing for a final exam. This expense should be considered. |
An out of pocket cost of a college education and An opportunity cost of a college education |
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Investment: |
Involves trade-off between today's consumption and future consumption. |
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Which of the following is an illustration of entrepreneurship? |
- Starting a new computer company - Cutting production costs by introducing a new production technology in an existing factory - Opening the first Domino's Pizza franchise in Tokyo. |
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Comparative advantage is when: |
One person can produce a good at a lower opportunity cost than the another person |
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Positive economics focuses on: |
Observed facts and the relationship between them |
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A normative statement is one that: |
Is based on value judgments |
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A market: |
- Is any arrangement people have for trading with each other - Provides info for ppl to coordinate their decisions - Provides incentives for ppl to participate in trading. |
