ECO 201 - Chapter 1 Exam 2025/2026 – All Questions with Accurate Answers

a country expands its production facilities (machinery & factories_ improves its public infrastructure (highways & water) widens education opportunities adopts new technology - Economic growth occurs when what 4 events happen? what how who - What are the three key economic questions? normative analysis - This is opinion and answers the question "What ought to be" variable - A ________ is a measure of something that can take on different values. choices people make and consequences - What do economic models explore? Alfred Marshall - The British economist who refined the economic model of supply and demand was ______ ________. consequences - Macroeconomics explain why resources increase over time and the ____________ for our standard of living.