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