Introduction To Economics

A. income
B. income and wealth
C. wealth
D. wage and interest income

A. points outside the production possibility curve
B. either points inside or outside the production possibility curve.
C. points on the production possibility curve
D. points inside the production possibility curve.

A. the cost incurred in the past before we make a decision about what to do in the future.
B. a cost that cannot be avoided. regardless of what is done in the future
C. that which we forgo, or give up, when we make a choice or a decision.
D. the additional benefit of buying an additional unit of a product

A. average
B. expected
C. total
D. marginal

A. there is excess demand in the labour market
B. there are some people who will not work at the going wage rate.
C. people are not willing to work at the going wage rate.
D. at the going wage rate, there are people who want to work but cannot find work.

A. a decrease in the overall price level.
B. an increase in the overall price level.
C. an increase in the overall level of economic activity.
D. a decrease in the overall level of economics activity

A. of labor supplied by all households.
B. Produced by the government.
C. of goods and services produced in an economy.
D. of products produced by a given industry.

A. aggregate demand
B. firms
C. Consumers
D. industries.

A. Scarcity
B. Money
C. Consumption
D. Allocation

A. Investors owning companies
B. Government ownership of assets
C. Market forces of supply and demand
D. All trade via barter