A. Are always found
B. Can never decease
C. Always increase over time
D. Are limited at any moment in time
Introduction To Economics
The sacrifice involved when you choose a particular course of action is called the ?
A. Alternative
B. Opportunity cost
C. Consumer cost
D. Producer cost
The sacrifice involved when you choose a particular course of action is called the?
A. Alternative
B. Opportunity cost
C. Consumer cost
D. Producer cost
Human wants are……………?
A. Always fixed
B. Limited
C. Unlimited
D. Likely to decrease over time
Which of the following is not one of the basic economic s ?
A. What to produce
B. Who to produce for
C. How to produce
D. How to maximize economic growth
The free market involves ?
A. The free provision of products
B. The Subsidizing of products by the government
C. Market forces of supply and demand
D. All trade via barter
In a command (planned) economy ?
A. The price mechanism acts as an incentive
B. Resources are allocated by market forces
C. Individual firms make decisions for themselves about what to produce and how to produce it
D. The public sector is large
Which of the following is a normative statement in economics ?
A. More spending by the government reduces poverty
B. Higher taxes lead to less desire to work
C. The Pakistan’s economy is growing fast relative to other SAARC members
D. The government should concentrate on reducing unemployment
Macroeconomics deals with?
A. the behavior of the electronics industry
B. the behavior of firms
C. economics aggregates
D. the activities of individual units
The study of inflation is part of ?
A. descriptive economics
B. normative economics
C. macroeconomics.
D. microeconomics