The concept of opportunity cost ?

A. Is relevant only for a capitalist economy like the united states.
B. Suggests a major increase in public health care spending means an expansion in other areas will be harder to achieve.
C. Suggests all our wants can be achieved.
D. Would be relevant if we eliminated poverty

A graph showing all the combinations of goods and services that can be produced if all of society’s resources are used efficiently is a ?

A. Capital consumption frontier.
B. Lorenz curve.
C. Circular-flow diagram.
D. Production possibility curve.

Which of the following is a normative statement in economics ?

A. More spending by the government reduces poverty
B. Higher taxes lead to less desire to work
C. The pakistan’s economy is growing fast relative to other saarc members
D. The government should concentrate on reducing unemployment

Macroeconomics deals with?

A. The behavior of the electronics industry
B. The behavior of firms
C. Economics aggregates
D. The activities of individual units

The study of inflation is part of ?

A. Descriptive economics
B. Normative economics
C. Macroeconomics.
D. Microeconomics

Which of the following is not one of the basic economic s ?

A. What to produce
B. Who to produce for
C. How to produce
D. How to maximize economic growth

The free market involves ?

A. The free provision of products
B. The subsidizing of products by the government
C. Market forces of supply and demand
D. All trade via barter

In a command (planned) economy ?

A. The price mechanism acts as an incentive
B. Resources are allocated by market forces
C. Individual firms make decisions for themselves about what to produce and how to produce it
D. The public sector is large

The sacrifice involved when you choose a particular course of action is called the ?

A. Alternative
B. Opportunity cost
C. Consumer cost
D. Producer cost

The sacrifice involved when you choose a particular course of action is called the?

A. Alternative
B. Opportunity cost
C. Consumer cost
D. Producer cost