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1Q-Economics is the social science that studies how individuals, institutions, and society make choices under conditions of scarcity.

2Q-From the economic perspective, "there is no such thing as a free lunch."

3Q-The economic perspective views individuals or institutions as making purposeful choices based on the marginal analysis of the costs and benefits of decisions.

4Q-The scientific method involves the observation of real world data, the formulation of hypotheses based on the data, and the testing of those hypotheses to develop theories.

5Q-A well-tested or widely accepted economic theory is often called an economic principle or law.

6Q-The other-things-equal assumption (ceteris paribus) is made to simplify the economic analysis.

7Q-Microeconomics analysis is concerned with the performance of the economy as a whole or its major aggregates.

8Q-Macroeconomics analysis is concerned with the economy activity of specific firms or industries.

9Q-The statement that "the legal minimum wage should be raised to give working people a decent income" is and example of a normative statement.

10Q-A person is using positive economics when the person makes value judgments about how the economy should work.

11Q-The conflict between the unlimited economic wants of individuals or societies and limited economic means and resources of individuals or societies gives rise to the economizing problem.

12Q-The budget line shows all combinations of two products that the consumer can purchase, given money income and the prices of the products.

13Q-A consumer is unable to purchase any of the combinations of two products which lie below (or to the left) of the consumer's budget line.

14Q-An increase in the money income of a consumer shifts he budget line to the right.

15Q-The factors of production are land, labor, capital, and entrepreneurial ability.

16Q-From the economist's perspective, investment refers to money income.

17Q-Given full employment and optimal allocation, it is not possible for and economy capable of producing just two goods to increase its production of both at any on e point in time.

18Q-The opportunity cost of producing more consumer goods is the other goods and services the economy is unable to produce because it has decided to produce these additional consumer goods.

19Q-The opportunity cost of producing a good tends to increase as more of it is produced because resources less suitable to its production must be employed.

20Q-Drawing a production possibilities curve bowed out from the origin is a graphical way of showing the law of increasing opportunity costs.

21Q-The economic rationale for the law of increasing opportunity costs is that is that economic resources are fully adaptable to alternative uses.

22Q-Optimal allocation is determined by assessing the marginal costs and benefits of the output from the allocation of resources to production.

23Q-Economic growth means and increase in the production of goods and services and is shown by a movement of the production possibilities curve outward and to the right.

24Q-The more capital goods an economy produces today, the greater will be the total output of all goods it can produce in the future, other things being equal.

25Q-International specialization and trade permit an economy to overcome the limits imposed by domestic production possibilities and have the same effect on the economy as having more and better resources.


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1Q-Economics is the social science that studies how individuals, institutions, and society make choices under conditions of scarcity. 1A-TRUE

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