In a planned or command economy, all the economics decisions are taken by the ?
A. Consumers
B. voters
C. government
D. Workers
Economics is the study of ?
A. how society manages its unlimited resource
B. how society manages its scarce resources
C. how to fully satisfy our unlimited wants
D. how to avoid having to make trade-offs
Raising taxes and increasing welfare payments ?
A. reduces market power
B. Proves that there is such a thing as a free lunch
C. improves efficiency
D. improves equity at the expense of efficiency.
Productivity can be increased by ?
A. improving the education of workers
B. raising union wages.
C. raising minimum wages.
D. restricting trade
The opportunity cost of a good is _____?
A. the time lost in finding it
B. the quantity of other goods sacrificed to get another unit of that good
C. the expenditure on the good
D. the loss of interest in using savings
In a free market?
A. government intervenes
B. government plan production
C. government interferes
D. Prices adjust to reconcile scarcity and desires
Normative economics Forms ________ based on ________?
A. positive statements, facts
B. opinions personal facts
C. positive statements values
D. opinions facts
If marginal benefit is greater than marginal cost, a rational choice involves ?
A. no more of the activity.
B. less of the activity
C. more of the activity
D. more or less, depending on the benefits
The retail price index is used to ______?
A. construct price lists
B. compare shop prices
C. measure changes in the cost of living
D. None of the above
Resources in an economy ?
A. Are always found
B. Can never decease
C. Always increase over time
D. Are limited at any moment in time
