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A command economy decides resource allocation by government planning
the quantity of other goods sacrificed to get another unit of that good
opinions, personal values
the study of individual economic behaviour
prices adjust to reconcile scarcity and desires
TRUE
TRUE
Quantity demanded equals quantity supplied
FALSE
Microeconomics is concerned with
the quantity of other goods sacrificed to get another unit of that good
opinions, personal values
the study of individual economic behaviour
prices adjust to reconcile scarcity and desires
TRUE
TRUE
Quantity demanded equals quantity supplied
FALSE
Normative economics forms ___________ based on _____________
the quantity of other goods sacrificed to get another unit of that good
opinions, personal values
the study of individual economic behaviour
prices adjust to reconcile scarcity and desires
TRUE
TRUE
Quantity demanded equals quantity supplied
FALSE
Price ceilings are imposed increase price above the free market equilibrium price
the quantity of other goods sacrificed to get another unit of that good
opinions, personal values
the study of individual economic behaviour
prices adjust to reconcile scarcity and desires
TRUE
TRUE
Quantity demanded equals quantity supplied
FALSE
In a free market __________ ___________
the quantity of other goods sacrificed to get another unit of that good
opinions, personal values
the study of individual economic behaviour
prices adjust to reconcile scarcity and desires
TRUE
TRUE
Quantity demanded equals quantity supplied
FALSE
The opportunity cost of a good is
the quantity of other goods sacrificed to get another unit of that good
opinions, personal values
the study of individual economic behaviour
prices adjust to reconcile scarcity and desires
TRUE
TRUE
Quantity demanded equals quantity supplied
FALSE
A resource is scarce if supply exceeds demand at zero price
the quantity of other goods sacrificed to get another unit of that good
opinions, personal values
the study of individual economic behaviour
prices adjust to reconcile scarcity and desires
TRUE
TRUE
Quantity demanded equals quantity supplied
FALSE
Positive economics studies objective explanations of the workings of the economy
the quantity of other goods sacrificed to get another unit of that good
opinions, personal values
the study of individual economic behaviour
prices adjust to reconcile scarcity and desires
TRUE
TRUE
Quantity demanded equals quantity supplied
FALSE
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