Econ C1

By-products of production or consumption that impose costs on third parties are called

It is impossible to produce outside a production possibilities frontier because

Scarcity is defined as

Which of the following examples demonstrates entrepreneurship?

All of the following except one are characteristics of a pure market economy. Choose exception:

The assumption of rational self-interest means:

A focus on the performance of the economy as a whole, especially the national economy.

Rational self-interest means that consumers

All of the following are advantages of a sole proprietorship except

Being more efficient at producing one product than the other product (lowest opportunity cost)

Production in traditional economics is determined primarily by

Which of these is not considered a public good?

In economics, the word marginal means

According to Adam Smith, market forces coordinate production as if by

Which of the following is correct about households in the circular flow model?

Being able to do something using fewer resources than other producers require is a(n)

Capital goods consist of:

Corporations are

A production possibilities frontier assumes each of the following except:

The opportunity cost of a chosen item or activity is: