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Macroeconomics is the study of ___________________
TRUE
the quantity of other goods sacrificed to get another unit of that good
the study of individual economic behaviour
the process by which prices adjust to reconcile the allocation of resources
opinions, personal values
prices adjust to reconcile scarcity and desires
TRUE
the economy as a whole
Microeconomics is concerned with
TRUE
the quantity of other goods sacrificed to get another unit of that good
the study of individual economic behaviour
the process by which prices adjust to reconcile the allocation of resources
opinions, personal values
prices adjust to reconcile scarcity and desires
TRUE
the economy as a whole
A market can accurately be described as
TRUE
the quantity of other goods sacrificed to get another unit of that good
the study of individual economic behaviour
the process by which prices adjust to reconcile the allocation of resources
opinions, personal values
prices adjust to reconcile scarcity and desires
TRUE
the economy as a whole
A command economy decides resource allocation by government planning
TRUE
the quantity of other goods sacrificed to get another unit of that good
the study of individual economic behaviour
the process by which prices adjust to reconcile the allocation of resources
opinions, personal values
prices adjust to reconcile scarcity and desires
TRUE
the economy as a whole
Normative economics forms ___________ based on _____________
TRUE
the quantity of other goods sacrificed to get another unit of that good
the study of individual economic behaviour
the process by which prices adjust to reconcile the allocation of resources
opinions, personal values
prices adjust to reconcile scarcity and desires
TRUE
the economy as a whole
In a free market __________ ___________
TRUE
the quantity of other goods sacrificed to get another unit of that good
the study of individual economic behaviour
the process by which prices adjust to reconcile the allocation of resources
opinions, personal values
prices adjust to reconcile scarcity and desires
TRUE
the economy as a whole
The opportunity cost of a good is
TRUE
the quantity of other goods sacrificed to get another unit of that good
the study of individual economic behaviour
the process by which prices adjust to reconcile the allocation of resources
opinions, personal values
prices adjust to reconcile scarcity and desires
TRUE
the economy as a whole
Positive economics studies objective explanations of the workings of the economy
TRUE
the quantity of other goods sacrificed to get another unit of that good
the study of individual economic behaviour
the process by which prices adjust to reconcile the allocation of resources
opinions, personal values
prices adjust to reconcile scarcity and desires
TRUE
the economy as a whole
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