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6 Cards in this Set
- Front
- Back
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Question: What is the crucial problem of economics? Answer: Allocating scarce productive resources to satisfy wants |
Question: What is the crucial problem of economics? Answer: Allocating scarce productive resources to satisfy wants |
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Question: To be considered scarce, an economic resource must be which of the following? I. Limited II. Free III. Desirable Answer: I and III only Limited and Desirable |
Question: To be considered scarce, an economic resource must be which of the following? I. Limited II. Free III. Desirable Answer: I and III only Limited and Desirable |
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Question: In which way does a straight-line production possibilities curve differ from a concave production possibilities curve? Answer: A straight-line production possibilities curve has a constant opportunity cost |
Question: In which way does a straight-line production possibilities curve differ from a concave production possibilities curve? Answer: A straight-line production possibilities curve has a constant opportunity cost |
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Question: Define GDP. Answer: Market value of all goods and services produced within a nation within a year |
Question: Define GDP. Answer: Market value of all goods and services produced within a nation within a year |
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Question: Define Income Effect. Answer: Effective utility of money is inversely proportional to price level of products |
Question: Define Income Effect. Answer: Effective utility of money is inversely proportional to price level of products |
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Question: Define Law of supply. Answer: The claim that, other things equal, the quantity supplied of a good rises when the price of the good rises |
Question: Define Law of supply. Answer: The claim that, other things equal, the quantity supplied of a good rises when the price of the good rises |
