Study Review Micro Ch. 1
Micro Is the discipline of economics concerned with individual units such as a person, household, firm, or industry
True Communism exhibits all the characteristics of a command system
Which of the following describe a command system?
Government ownwershiop of most or all property resources
A government appointed central planning board
Economics is a social Science concerned with the allocation of scarce Resources to meet the unlimited wants Of the members of a given society.
Marginal analysis involves the comparison or evaluation of: * The incremental cost versus the incremental benefit of a decision * * An good economic system must address the following questions: * What gods are to be produced? * How they are to be produced? Who gets what is produced? * * An equitable outcome is one where each individual affected is treated faily * * The economic question of what to produce is about decisions related to the mix of goods and services to make available in a given economy * * Which of the following results from scarcity with respect to economic resources? * The production of limited goods and services * * The economic question of how to produce is about decisions related to the mix factor input land, labor, capital used to produce gods and services. * * True: In a command system, the government decides how a country’s resources will best be utilized * * A statement about economic behavior or the economy that enables prediction of the probable effects of certain actions is known as an: economic theory, and economic principle * * Due to scarce resources, every individual, whether rich or poor, is faced with an implicit cost when choosing to produce or consume more of one good over another. * * False: Economcis, as a social science, is concerned with how to make money? * * Macroeconomics is the discipline that examines either the economy as a whole
True Communism exhibits all the characteristics of a command system
Which of the following describe a command system?
Government ownwershiop of most or all property resources
A government appointed central planning board
Economics is a social Science concerned with the allocation of scarce Resources to meet the unlimited wants Of the members of a given society.
Marginal analysis involves the comparison or evaluation of: * The incremental cost versus the incremental benefit of a decision * * An good economic system must address the following questions: * What gods are to be produced? * How they are to be produced? Who gets what is produced? * * An equitable outcome is one where each individual affected is treated faily * * The economic question of what to produce is about decisions related to the mix of goods and services to make available in a given economy * * Which of the following results from scarcity with respect to economic resources? * The production of limited goods and services * * The economic question of how to produce is about decisions related to the mix factor input land, labor, capital used to produce gods and services. * * True: In a command system, the government decides how a country’s resources will best be utilized * * A statement about economic behavior or the economy that enables prediction of the probable effects of certain actions is known as an: economic theory, and economic principle * * Due to scarce resources, every individual, whether rich or poor, is faced with an implicit cost when choosing to produce or consume more of one good over another. * * False: Economcis, as a social science, is concerned with how to make money? * * Macroeconomics is the discipline that examines either the economy as a whole