Econ 231 || very Flawless.

If the population increase in India is smaller than the increase in Indian real GDP then per capita will correct answers increase The main cost that low inflation imposes on an economy is that low inflation correct answers distorts come economic decisions The use of automated teller machines (...

The Latin term "ceteris paribus" means correct answers other things equal A positive statement is one that correct answers focuses on facts, descriptions, and theoretical relationships. The alternative combinations of two goods that a consumer can purchase with a specific money income is sho...

When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing correct answers scarcity. In most societies, resources are allocated by correct answers the combined actions of millions of households and firms. The principle that "peopl...

In a command economy________ either makes the economic decisions or at least, strongly influences how the decisions are made correct answers Government Best described tool of monetary policy correct answers interest rates most likely a topic of discussion in microeconomics correct answers a de...

invisible hand concept correct answers developed by Adam Smith, "people get their greatest reward by satisfying the needs and wants of others" Demand correct answers willingness to buy 2 reasons an individual buys less of of something when the price goes up correct answers income effect and ...

In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of: producers and government planning committees. producers and input suppliers all consumers correct answers buyers and sellers Which of the following best describes a monetary polic...

Classical Economists correct answers - Group that from the 1779s up to the great depression dominated economic thinking. - They believed recessions would naturally cure themselves because the price system would automatically restore to full employment - The founder was Adam Smith - Believed in ...

economics correct answers The social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity scarcity correct answers the limits placed on the amounts and types of goods and services available for consumption as the result of there being...

Trade creates value because: a. people get what they want. b. raw materials are transformed into finished products. c. people exchange things they do not want for things they do. d. idle resources are put to use. correct answers C The reason Martha Stewart does not iron he...

Scarcity correct answers Lack of enough resources to satisfy all desired uses of those resources Factors of production correct answers resource inputs used to produce goods and services, such as land, labor, capital, and entrepreneurship Economics correct answers the study of how best to alloc...

Most economists agree that the focus of the fiscal policy is to correct answers Balance aggregate demand and aggregate supply The fallacy in the strict crowding-out argument comes from supposing that correct answers The economy's flow of savings is fixed If personal income taxes are increased...

Taxes create deadweight losses because they correct answers distort incentives The efficient scale of the firm is the quantity of output that correct answers minimizes average total cost Which of the following is not an example of the principle that can make everyone better off A. Americans b...

Capital correct answers final goods produced for use in the production of other goods, such as equipment and structures Complements / Complementary Goods correct answers goods frequently consumed in combination; when the price of good x rises, the demand for good y falls. Consumers correct ans...

Automatic Stabilizers correct answers feature of the economy that reduces our sensitivity to shock. (1) fiscal policy-adjusting government spending and/or taxes in order to stabilize unemployment and inflation, (2) monetary policy-adjusting the availability and /or cost of credit in order to ...