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Economics is the study of
how society manages its unlimited resources.
how to reduce our wants until we are satisfied.
how to allocate resources to best satisfy our unlimited wants.
how to avoid having to make trade-offs.
A rational person
buys the cheapest products at all times
undertakes actions which produce marginal social benefits that exceed marginal social costs.
considers the marginal utility gained from an action and chooses those activities which generate the greatest utlity
none of these answers.
Which of the following is not part of the opportunity cost of going on holiday?
the London City break and theatre show which you gave up to afford the holiday
the money you could have made if you had stayed at home and worked
the money you spent on food
Which of the following statements is normative?
Large government deficits cause an economy to grow more slowly.
People work harder if the wage is higher.
The unemployment rate should be lower.
Printing too much money causes inflation.
which of these is a cause of shifting the demand curve to the right hand side if goods are normal
increase in income of consumer
increase in price of substitute goods
decrease in price of complementary goods
all of these
if demand is perfectly elastic then demand curve would be
none of these
Production Possibility Frontier can be..........
All of the above can be possible
If there is destruction of resources in an economy the PPF
None of the above
When the supply of a product or service shifts right and the demand stays the same the price will typically do what?
stay the same
When the demand for a product or service is higher than the supply this causes what?
excess demand, price rises and demand contracts
excess demand, price rises and supply contracts
excess supply, price rises and supply contracts
An increase in the price of Anadin is likely to be paired with a(n) ___________________ in the demand for Panadol because the two goods are __________________.
Technology used to make cars improves. This will cause..
Supply to Increase
Demand to increase
Supply to Decrease
Demand to Decrease
Iphones become more expensive. What will happen to Iphone covers?