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13 Cards in this Set
- Front
- Back
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scarcity is?
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c. subjective concept that human wants can never be satisfied.
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which of the following is not a resource?
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c. money
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economics is the study of how people:
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b. make choices to produce and consume goods and services.
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which of the following is the best example of a microeconomic topic?
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b. the reasons for increases in the price of soft drinks.
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an economic model is useful only it:
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c. yields accurate predictions
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when economists want to hold a number of factors constant, they are demonstrating which of the following expressions?
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c. ceteris paibus
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which of the following is a statement of positive economics?
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c. gov. control of rent decreases the number of new apartments constructed.
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a normative economics statment is:
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b. a statement of opinion which advocates a particular position.
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an upward sloping line or curve is used to illustrate:
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a. a direct relationship
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when an inverse relationship is graphed, the resulting line or curve is:
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d. downward sloping
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because of the problem of scarcity each economic system must make which of the following choices?
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D. all of them
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a good or service that is forgone by choosing one alternative over another is called a:
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b. opportunity cost
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on a production possibilities curve, the opportunity cost of good X , in terms of good Y, is represented by the:
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c. movement along the curve
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