A supply curve is directly affected by ?
when a market is in equilibrium ?
If the diagram of a line shows that lower values on the vertical scale are associated with higher values on the horizontal scale this is an example of ?
A straight-line diagram can be drawn knowing the __ and ________?
A real value can be derived from a nominal value by ?
Time series data show information ?
Macroeconomics is the study of ?
In the mixed economy__________?
A market can accurately be described as__________?
Economics is the study of ?
Which of the following is not part of the opportunity cost of going on holiday ?
An increase in the price of beef providers information which ?
High and persistent inflation is caused by ?
Which of the following statements is true about a market economy ?
Which of the following products would be least capable of producing an externality ?
-7-+47-+45-+-+Since people respond to incentives, we would expect that if the average salary of accountants increases by 50% while the average salary of teachers increase by 20% then ?
Suppose you find Rs 20. If you choose to use the Rs 20 to go to a football match your opportunity cost of going to the game is ?
A rational person does not act unless ?
Trade-offs are required because wants are unlimited, and resources are ?
Which one of the following is a normative statement ?
In a free market system, the amount of goods and services that any one household gets depends upon its ?
Periods of less than full employment corresponds to __________ ?
Opportunity cost is__________?
A student chooses to study because the marginal benefit is greater than the __________ cost?
Unemployment means that ?
Inflation is__________?
Aggregate supply is the total amount ?
Microeconomics is not concerned with the behavior of ?
The economics the central problem is ?
The public sector includes ?
A mixed economy ?
The basic economic problems will not be solved by ?
An increase in consumer income will increase demand for a _________ but decrease demand for a?
If a price increase of good A increases the quantity demanded of good B, then good B is a__________?
A demand curve can shift because changing ?
and __________ do not directly affect the demand curve ?
The equilibrium price clears the market it is the price at which __________?
When we know the quantity of a product that buyers wish to purchase at each possible price we know__________?
On a graph, a positive linear relationship__________?
If you income during one year is Rs10,000 and the following year it is Rs12,000 then it has grown by __________?
The retail price index is used to__________?
Data are important in economics because and __________?
If marginal benefit is greater than marginal cost, a rational choice involves ?
Normative economics Forms __ based on ________?
In a free market?
The opportunity cost of a good is__________?
Productivity can be increased by ?
You are planning to run a hot dog stand during a forthcoming fair. You originally estimated that you will generated sales revenue of Rs 2000 and you have already spent Rs 1000 building the hot dog stand. The hot dog stand is nearly completed but now you estimate total sales to be only Rs 800 because the fair clashes with a major music festival in a nearby location. You can complete the hot dog stand for another Rs 300 Your decision rule should be to complete the hot dog stand as long as the cost to complete the stand is less than ?
The Phillips curve shows that ?
Workers in Western Europe enjoy a high standard of living because ?
Which of the following situations describes the greatest market power ?

Economics is the study of ?

A. how society manages its unlimited resource
B. how to reduce our wants until we are satisfied.
C. how to fully satisfy our unlimited wants
D. how to avoid having to make trade-offs

Correct Answer: how to reduce our wants until we are satisfied. ✔

Last Updated: June 18, 2019