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The amount of resources in an economy:

The basic economic problems will not be solved by: a) b) c) A

Basics of Economics

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1
The basic economic problems will not be solved by: a) b) c) A
Market forces
The creation of unlimited resources
Government intervention
mixture of govern
2
The amount of resources in an economy:
Can never decrease
Are always fixed
Are limited at any moment in time
Always increase over time
3
Suppose you buy Economics by David King. What is the opportunity cost of your purchase?
Whatever you would have spent the money on if you had not bought the book.
The money you paid for the book
The time you spend studying the book.
The cost of producing the book.
4
When prices are falling continuously, the phenomenon is called:
Deflation
Reflation
Stagflation
Inflation
5
Which one of the following is not one of the basic economic questions? a)
How to minimize economic growth
What to produce
How to produce
Who to produce for
6
Inflation:
Reduces the purchasing power of a pound
Always reduces the standard of living
Always reduces the cost of living
Reduces the price of product
7
Economics is the study of
how to avoid having to make trade-offs.
how society manages its unlimited resources.
how society manages its scarce resources.
how to reduce our wants until we are satisfied.
8
The branch of economic theory, that deals with the problem of allocation of resources is :
Macro Economics
None of the above
Micro Economics
Econometrics
9
Which of the following involve a trade-off? a. b.
Going to university
Taking a nap
All of these answers involve trade-offs.
Watching a football game on Saturday afternoon
10
The sacrifice involved when you choose a particular course of action is called the:
Opportunity cost
Consumer cost
Optimum Cost
Alternative