A linear curve that slopes downward from left to right has a:
Capital, as economists use the term, refers to:
The doctrine of laissez faire is based on the belief that:
A linear curve with a positive slope:
If an economy experiences increasing opportunity costs with respect to two goods, then the production-possibilities curve between the two goods will be:
In a market economy, the question of WHAT to produce is answered by:
Society cannot produce this combination with existing resources and technology. (See Figure 1.1.)
Factors of production are:
Macroeconomics focuses on the performance of:
The production-possibilities curve illustrates that:
Economics can be defined as the study of:
Long-run economic growth would best be represented by a:
The law of increasing opportunity costs explains:
A linear curve can be distinguished by:
A decrease in the proportion of the population that is unemployed is best represented in Figure 1.4 by a movement from point:
Efficiency can be defined as the:
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