If wages grew at a 3% rate this year and average prices grew ______, people would be _____ off this year compared with last year.

An expansion is a period in which:

If the production possibility curve were a straight line sloping down from left to right, this would suggest that:

Which of the following is most likely a macroeconomic question rather than a microeconomic question?

An increase in efficiency means that an economy has:

The basic concern of economics is:

Which of the following is an example of normative economics?

When an economy experiences a contraction in its business cycle, this is often:

Recessions are periods when:

A period of falling real gross domestic product is an indicator of a(n):

The problem of determining what goods and services society should produce:

We are forced to make choices because of:

An economy is said to have a comparative advantage if it:

An economy that has the lowest opportunity cost for producing a particular good is said to have a(n):

Specialization and trade should lead to all of the following except:

Imports are good and services that are:

The process through which an economy's production possibility curve is shifted outward is:

An economy that has the lowest opportunity cost for producing a particular good is said to have a(n):

An example of a positive statement is:

When we are forced to make choices we are facing the concept of:

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