Introduction To Economics

A. gross national product.
B. national demand.
C. economy-wide demand
D. aggregate demand

A. a period of declining prices.
B. a period of declining unemployment
C. a period during which aggregate output declines.
D. a period of very rapidly declining prices.

A. is relevant only for a capitalist economy like the United States.
B. Suggests a major increase in public health care spending means an expansion in other areas will be harder to achieve.
C. Suggests all our wants can be achieved.
D. Would be relevant if we eliminated poverty

A. capital consumption frontier.
B. Lorenz curve.
C. Circular-flow diagram.
D. Production possibility curve.

A. Wages and salaries.
B. income and money
C. goods and services.
firms and households

A. Consumers
B. voters
C. government
D. Workers

A. Taking a nap
B. All of these answers involve trade-offs
C. Watching a football game on Saturday afternoon
D. Going to university

A. reduces market power
B. Proves that there is such a thing as a free lunch
C. improves efficiency at the expense of equity.
D. improves equity at the expense of efficiency.

A. increase the scarcity of resources.
B. makes a country more equitable.
C. allows a country to have a greater variety of products at a lower cost than if it tried to produce everything to home.
D. None of these

A. A student eats a hamburger in the student union.
B. A student reads a novel for pleasure
C. A student sits at home and watches T.V
D. A student has a party in her room in the student hall of residence.