Principles of Microeconomics
Exam Questions and Answers||A+
Solution guide(Verified)
If the government provides more education for more people, the cost will be equal
to __________. - CORRECT ANSWER-The value of the other goods that are
forgone in order to provide more education.
The answer can be found in Chapter 1, Section 1.2, Scarcity: Limited Resources
but Unlimited Wants.
According to economic theory, people are forced to make choices because of
__________. - CORRECT ANSWER-scarcity
An editorial in the Harpertown Gazette argues that the government ought to
abolish the minimum wage because it lowers employment. This is an example of
a(n) __________ economic statement. - CORRECT ANSWER-normative
In an economic system, which of the following is NOT a typical government
activity? - CORRECT ANSWER-privatization
Exam Questions and Answers||A+
Solution guide(Verified)
If the government provides more education for more people, the cost will be equal
to __________. - CORRECT ANSWER-The value of the other goods that are
forgone in order to provide more education.
The answer can be found in Chapter 1, Section 1.2, Scarcity: Limited Resources
but Unlimited Wants.
According to economic theory, people are forced to make choices because of
__________. - CORRECT ANSWER-scarcity
An editorial in the Harpertown Gazette argues that the government ought to
abolish the minimum wage because it lowers employment. This is an example of
a(n) __________ economic statement. - CORRECT ANSWER-normative
In an economic system, which of the following is NOT a typical government
activity? - CORRECT ANSWER-privatization
