Econ Quiz 1

All of the following could immediately or eventually lead to an inward shift of nations PPC except

An increase in the average skill level of all occupational groups

In a simple circular flow model:

Business are sellers of final products

The study of economics is primarily concerned with?

Chooses that are made in seeking the best use of resources

Assume an economy is incurring unemployment. The effect of resolving this problem will be to

More the level of actual output on to the economy's productions possibility curve (PPC)

When an economy is operating under conditions of full unemployment the production of more commodity A will mean the production of less of productions of commodity B

Resources are limited

A production possibilities cure (PPC) illiterates

Scarcity

The construction of production possibilities cure assumes

Technology are fixed

Which of the following will not produce an outward shift of the production possibilities cure (PPC)

The reduction of unemployment

Completion means that

They are independent acting buyers and sellers in each market

The negative slope of the PPC is graphical way indicating that

To produce more of one product we must do with less of another

The regulatory mechanism of a the market system is

competition

Which of the following is not considered by economists to be an economic resources

money

Which of the following is a fundamental characteristic of market system

property rights