Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

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?
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 formation
B. investment
C. all of the above
C. All of the above.