1: Economic methodology and the economic problem

The fundamental economic problem results from:

Opportunity cost is the cost of giving up the next worse alternative

A factor that does not cause the PPF to push out is:

Something that is necessary for human survival, such as food, water and warmth, is a:

Scarcity results in the need for:

An example of state owned industries in the UK is:

The UK has a:

What involves the application of tested economics to explain real-world economic behaviour?

An example of resource depletion is:

Points inside of the production possibility frontier show:

What is the fundamental economic problem?

In a market economy, the price mechanism performs the:

In a free market, the markets allocate resources and it is driven by the profit motive

A production possibility frontier shows alternative combinations of two goods:

The inflation rate in the UK (December 2017) is 1.9% is a:

Which of the following is not a factor of production?

If the opportunity cost is constant when switching between goods, the PPF is: