Opportunity cost is illustrated by the___________________?
A. Steep slope
B. Downward slope
C. Positive slope
D. None
Agricultural economics
The amount by which a nation’s export of goods (or goods and services) exceeds its import of goods or goods and services is_______________?
The amount by which a nation’s export of goods (or goods and services) exceeds its import of goods or goods and services is_______________?
A. Trade surplus
B. Trade deficit
C. Trade off
D. None
The activity of buying or selling with the motive of later reselling or re buying for profit is called ?
The activity of buying or selling with the motive of later reselling or re buying for profit is called ?
A. Spillover
B. Speculation
C. Specializing
D. All
All points on the production possibility curve explain__________________?
All points on the production possibility curve explain__________________?
A. Allocative efficiency
B. Productive efficiency
C. Less than full use of resources
D. Unattainable levels of output
In________________ economics we look at desirability of certain aspects of the economy ?
In________________ economics we look at desirability of certain aspects of the economy ?
A. Theoretical
B. Positive
C. Normative
D. None
Amount of other products which must be foregone or sacrificed to obtain 1 unit of a specific good is called its______________?
Amount of other products which must be foregone or sacrificed to obtain 1 unit of a specific good is called its______________?
A. Opportunity cost
B. Real cost
C. Economic cost
D. None
Production possibility curve is always concave because ?
Production possibility curve is always concave because ?
A. The curve gets steeper as we move downward
B. The marginal benefit decreases as more of a good is consumed
C. In reflects the law of increasing opportunity cost
D. Resources are scarce
In ___________________ we avoid value judgments and focus on facts?
In ___________________ we avoid value judgments and focus on facts?
A. Positive economics
B. Normative economics
C. Theoretical economics
D. factual economics
A film on economics in which economists study and observe the details of an economic unit or a very small judgment of economy is__________________?
A film on economics in which economists study and observe the details of an economic unit or a very small judgment of economy is__________________?
A. Macroeconomic
B. Micro economic
C. Positive economic
D. Normative economic
Meaningful statement about the economic behavior or the economy is called_______________________?
Meaningful statement about the economic behavior or the economy is called_______________________?
A. Economic principle
B. Economic theories
C. Both
D. None