ECON
The man-made machine type resources used to produce goods and services are called:
Capital goods
For which of the following income-maintenance programs is aggregate spending the greatest?
Social Security.
An economy that has achieved "full production" has achieved:
both allocative and productive efficiency
Economic profits are calculated by subtracting:
explicit and implicit costs from total revenue.
If the demand and supply curves for product X are stable, a government-mandated increase in the price of X will:
increase the quantity supplied and decrease the quantity demanded of X.
The production possibilities curve (PPC):
indicates the maximum amount of one good achievable for a given amount of the other good.
The Gini ratio:
is a numerical measure of the overall dispersion of income in a nation.
In terms of the circular flow diagram, firms receive revenue in the _____ market and incur costs in the _____ market
product; resource
The scarcity problem:
will persist so long as productive resources are limited