which is an example of a question economics aims to answer (based on the definition of economics)?
how will an economic agent use their scarce resources to maximize utility?
which of the following statements correctly refers to the opportunity cost of a decision?
alan decided to purchase the...
which is an example of a question economics aims to answer based on the definition of economics
which of the following statements correctly refers to the opportunity
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econ
which is an example of a question economics aims to answer (based on the definition of
economics)? - Answer how will an economic agent use their scarce resources to
maximize utility?
which of the following statements correctly refers to the opportunity cost of a decision? -
Answer alan decided to purchase the generic cereal instead of the name brand
determine whether the following statement best illustrates microeconomics or
macroeconomics .. the new car industry is experiencing booming sales - Answer
microeconomics
determine whether the following statement best illustrates positive or normative
economics? the price of fresh fruits and vegetables is too high - Answer normative
societys economic problem is a result of - Answer scare resources
which of the following is not an economic resource? - Answer money
Allison wants to open a bakery but the government prohibits her from doing so - Answer
command system
goods and services produced are determined in markets - Answer market system
other wise known as socialism - Answer command system
which option best describes, technology and capital goods, a characteristic of a market
system? - Answer NOT the factors of production are owned by private individuals and
households
determine whether the following statement is true or false. money causes increases in
transaction cost in markets - Answer false
assume society has decided on a market system. who will get the out put? - Answer
economic agents with the greatest willingness and the ability to purchase the output
which of the following was a reason the command system has not been successful
historically? - Answer governments received profits and benefits of production
answer the following question based on the economic agents in the circular flow
diagram. Which economic agent owns the capital? - Answer households
, answer the following question based on markets in the circular flow diagram. which
market determines the wage of autoworkers - Answer resource market
determine whether the following statement best illustrates mirco or macro. new tariffs in
china have caused a reduction in U.S. GDP. - Answer Macroeconomics
determine whether the following statement best illustrates positive or normative
economics. the tax on gasoline should be lower - Answer normative
society's economic problem is a result of: - Answer scarce factors of production
which of the following is not an economic resource? - Answer money
goods and services consumed are determined by a central planner. - Answer command
system
otherwise known as socialism - Answer command system
which option best describes, markets and prices, a characteristic of a market system -
Answer the information mechanism for the system that provides feedback between
buyers and sellers
determine whether the following statement is true or false. entrepreneurs are free to use
economic resources in the most profitable manner - Answer true
assume society has decided on a market system. how will the system accommodate
change? - Answer the system accommodates change by information gathered in the
market
which of the following was a reason the command system has not been successful
historically? - Answer persistent shortages and surpluses
based on the economic agents in the circular flow diagram. which economic agent is a
supplier of goods and services - Answer firms
answer the following question based on markets in the circular flow diagram. which
market determines the wage of auto workers? - Answer resource market
in the resource market businesses are the - Answer demanders
in a competitive market, which of the following is an assumption that is made? - Answer
goods for sale are the same
the law of demand states - Answer as price increases quantity demanded decreases
the law of demand states that price and quantity have an - Answer inverse relationship
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