- What are some of the trade offs of buying a car?
- Which of the following is the opportunity cost of putting the $200 in a bank account for one year?
- Who is being taxed when more money is printed quizlet?
- Which of the following is not part of the opportunity cost of going on holiday quizlet?
- Which of the following is an example of a transfer payment?
- When a society gets the most it can from its scarce resources?
- Is a situation in which a market left on its own fails to allocate resources efficiently?
- What have economists often observed while studying the effects of public policy changes?
- Which of the following steps does an economist take when studying the economy?
What are some of the trade offs of buying a car?
What are the trade-offs when buying a vehicle?…
- Usually the smaller the engine, the less gas a vehicle burns.
- Newer vehicles cost more but they require fewer repairs than older ones.
Which of the following is the opportunity cost of putting the $200 in a bank account for one year?
Which of the following is in the opportunity cost of putting the $200 in a bank account for one year? CORRECT-The value you could obtain by spending the money now. The $206 you would have a year from now.
Who is being taxed when more money is printed quizlet?
When the government prints money, it imposes a tax on anyone who is holding money. This is because printing money decreases the value of money by causing inflation, or an increase in the overall level of prices in the economy. See Section: Principle 9: Prices Rise When the Government Prints Too Much Money.
Which of the following is not part of the opportunity cost of going on holiday quizlet?
The money spent on food is not a part of the opportunity cost of going on holiday.
Which of the following is an example of a transfer payment?
Examples of transfer payments include welfare, financial aid, social security, and government subsidies for certain businesses.
When a society gets the most it can from its scarce resources?
Efficiency means that society is getting the maximum benefits from its scarce resources. Equality means that those benefits are distributed uniformly among society’s members.
Is a situation in which a market left on its own fails to allocate resources efficiently?
The study of how society manages it’s scarce resources. The ability of an individual to own and exercise control over scarce resources. Market Failure. A situation in which a market left on its own fails to allocate resources efficiently.
What have economists often observed while studying the effects of public policy changes?
**5. When studying the effects of public policy changes, what have economists often observed? (a) There is a difference between the long run and the short run.
Which of the following steps does an economist take when studying the economy?
Cards
| Term In the circular flow diagram, what do firms produce? | Definition 1) goods and services using the factors of production 2) outputs using inputs |
|---|---|
| Term Which of the following steps does an economist take when studying the economy? A) devise theories B) collect data C) analyze data D) all the above | Definition D |