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7 Cards in this Set

  • Front
  • Back
A study of how scarce resources are allocated among competing ends is called
A. model
B. microeconomics
C. macroeconomics
D. none of the above
D none of the above
Which branch of economics studies inflation, unemployment, money supply, national income, growth of the economy and the business cycles?
macroeconomics
The problem facing every economy or nation is
A. financial capital
B. natural resources
C. equitable distribution of income (economic justice)
D. how to allocate scarce resources among competing ends
D how to allocate scare resources among competing ends
The more you produce of one good the more you give up the production of a second good. This law or principal is called...
Law of increasing opportunity costs
This...occurs when an economy or an industry is producing maximum output by making the fullest possible utilization of its avaliable resources.
a. economic efficiency
B. economic growth
C. expansion of the production possibilities frontier
D. technical efficiency
D. technical efficiency
The outward shift of an economy's production possibilites frontier (PPF) result in
A. technological improvement
B. economic efficiency
C. resource expansion
D. economic growth
D. Economic growth
The process of accumulating capital such as machines, inventories, and factories is an example of
A.capital formation
B. investment
C. all of the above
C. All of the above.