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Which of the following involves a tradeoff?
Microeconomics deals with:
Which of the following is a market economy primarily based on?
Which term is used to describe the study of how people make decisions in a world where resources are limited?
Which of the following is a key difference between market economies and command economies?
Which of the following is a positive statement?
The term “ceteris paribus” means:
A normative statement is one which:
Which idea is most closely associated with laissez faire economics?
Who is known as the father of capitalism, whose book “The Wealth of Nations” advocated laissez-faire theory?
The economic problem “what to produce” refers to:
Basic economic questions that economy must address:
Which broad social goal is important in a market system but not as important in a centrally-planned (command) one?
What does laissez faire mean?
Adam Smith’s Wealth of Nations stressed the importance of:
You can buy or sell anything you want (within reason) with little government regulation:
Factors of production are:
Which of the following can be classified as a macroeconomic problem:
Socialism wants __________ ownership of businesses
Tradeoffs are required because wants are unlimited and resources are:
Classical Economics is defined as:
