implies that, for most people, the marginal benefit of reading a second newspaper is less than the marginal cost.
  • The most efficient combination of resources in producing a given output is the combination that:
  • The market system's answer to the fundamental question "How will the goods and services be produced?" is essentially:
  • Even though local newspapers are very inexpensive, people rarely buy more than one of them each day. This fact:
  • Ben says that "an increase in the tax on beer will raise its price." Holly argues that "taxes should be increased on beer because college students drink too much." We can conclude that:
is based on value judgments
  • Examples of command economies are:
  • A positive statement is one that is:
  • An increase in money income:
  • A normative statement is one that:
Cuba and North Korea.
  • A normative statement is one that:
  • The Latin term "ceteris paribus" means:
  • Examples of command economies are:
  • A positive statement is one that is:
idea that the decisions of producers must ultimately conform to consumer demands.
  • The term "laissez-faire" suggests that:
  • "Consumer sovereignty" refers to the:
  • The competitive market system:
  • Macroeconomics can best be described as the:
government should not interfere with the operation of the economy.
  • "Consumer sovereignty" refers to the:
  • Macroeconomics can best be described as the:
  • The competitive market system:
  • The term "laissez-faire" suggests that:
shifts the consumer's budget line to the right.
  • An increase in money income:
  • A normative statement is one that:
  • The competitive market system:
  • The economic function of profits and losses is to:
The price of personal computers declined 4.7 percent last year.
  • Which of the following is a microeconomic statement?
  • Which of the following statements is true?
  • Which of the following statements pertains to macroeconomics?
  • Which of the following is a distinguishing feature of laissez-faire capitalism?
An empirical investigation of the general price level and unemployment rates since 1990.
  • Which of the following is a microeconomic statement?
  • Which of the following best describes the invisible-hand concept?
  • Which of the following statements pertains to macroeconomics?
  • Which of the following is associated with macroeconomics?
National income grew by 2.7 percent last year.
  • Which of the following is a distinguishing feature of laissez-faire capitalism?
  • Which of the following is a microeconomic statement?
  • Which of the following statements pertains to macroeconomics?
  • Which of the following is a distinguishing feature of a command system?
all factors other than the price of bananas (for example, consumer tastes and incomes) are assumed to be constant.
  • Suppose an economist says that "other things equal, the lower the price of bananas, the greater the amount of bananas purchased." This statement indicates that
  • Brinley says that "gas prices are rising because there aren't enough oil refineries." Katie argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that:
  • Even though local newspapers are very inexpensive, people rarely buy more than one of them each day. This fact:
  • The market system's answer to the fundamental question "How will the goods and services be produced?" is essentially:
contract as resources move away from industry Y.
  • The competitive market system:
  • The economic function of profits and losses is to:
  • If competitive industry Y is incurring substantial losses, output will:
  • If a competitive industry is neither expanding nor contracting, we would expect:
competition
  • The regulatory mechanism of the market system is:
  • The economic function of profits and losses is to:
  • The alternative combinations of two goods that a consumer can purchase with a specific money income is shown by:
  • The term "laissez-faire" suggests that:
"In ways that minimize the cost per unit of output."
  • Even though local newspapers are very inexpensive, people rarely buy more than one of them each day. This fact:
  • The market system's answer to the fundamental question "How will the goods and services be produced?" is essentially:
  • The economic function of profits and losses is to:
  • The market system's answer to the fundamental question "Who will get the goods and services?" is essentially:
is concerned with individual economic units and specific markets.
  • The economic function of profits and losses is to:
  • Macroeconomics can best be described as the:
  • The term "laissez-faire" suggests that:
  • Microeconomics:
"Those willing and able to pay for them."
  • The market system's answer to the fundamental question "How will the goods and services be produced?" is essentially:
  • The alternative combinations of two goods that a consumer can purchase with a specific money income is shown by:
  • The market system's answer to the fundamental question "Who will get the goods and services?" is essentially:
  • The most efficient combination of resources in producing a given output is the combination that:
objective and based on facts
  • A positive statement is one that is:
  • A normative statement is one that:
  • In deciding whether to study for an economics quiz or go to a movie, one is confronted by the idea(s) of:
  • The Latin term "ceteris paribus" means:
Brinley's statement is normative; Katie's statement is positive.
  • Which of the following is a microeconomic statement?
  • Brinley says that "gas prices are rising because there aren't enough oil refineries." Katie argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that:
  • The market system's answer to the fundamental question "Who will get the goods and services?" is essentially:
  • The market system's answer to the fundamental question "How will the goods and services be produced?" is essentially:
other things equal
  • The economic function of profits and losses is to:
  • The Latin term "ceteris paribus" means:
  • The term "laissez-faire" suggests that:
  • Specialization in production is important primarily because it:
entails the exchange of goods for goods.
  • The market system's answer to the fundamental question "Who will get the goods and services?" is essentially:
  • The market system's answer to the fundamental question "How will the goods and services be produced?" is essentially:
  • Microeconomics:
  • Barter:
scarcity and opportunity costs.
  • A positive statement is one that is:
  • In deciding whether to study for an economics quiz or go to a movie, one is confronted by the idea(s) of:
  • The most efficient combination of resources in producing a given output is the combination that:
  • If a competitive industry is neither expanding nor contracting, we would expect:
Minimal government intervention.
  • Which of the following is a distinguishing feature of laissez-faire capitalism?
  • Which of the following is a microeconomic statement?
  • Which of the following statements pertains to macroeconomics?
  • Which of the following is a distinguishing feature of a command system?
Central planning.
  • Which of the following best describes the invisible-hand concept?
  • Which of the following is a microeconomic statement?
  • Which of the following is a distinguishing feature of a command system?
  • Which of the following is a distinguishing feature of laissez-faire capitalism?
minimize the cost per unit of output.
  • The most efficient combination of resources in producing a given output is the combination that:
  • Which of the following is a distinguishing feature of laissez-faire capitalism?
  • The market system's answer to the fundamental question "How will the goods and services be produced?" is essentially:
  • If a competitive industry is neither expanding nor contracting, we would expect:
study of the large aggregates of the economy or the economy as a whole.
  • Macroeconomics can best be described as the:
  • An increase in money income:
  • The term "laissez-faire" suggests that:
  • Microeconomics:
Holly's statement is normative, but Ben's is positive.
  • Even though local newspapers are very inexpensive, people rarely buy more than one of them each day. This fact:
  • Ben says that "an increase in the tax on beer will raise its price." Holly argues that "taxes should be increased on beer because college students drink too much." We can conclude that:
  • The market system's answer to the fundamental question "How will the goods and services be produced?" is essentially:
  • Suppose that a university decides to spend $1 million to upgrade personal computers and scientific equipment for faculty rather than spend $1 million to expand parking for students. This example illustrates:
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