Essentials of Economics (8th Edition)

Chapter 2

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Science involves observation and theory ... more

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; The production possibilities frontier shows the... more

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Microeconomics is the study of households’ and ... more

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Positive statement- Expenditure of individual A is... more

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The three parts of government are:The ... more

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Economists disagree on policymakers because ... more

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The model of economics is not like a mechanical ... more

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In the markets for factors of production, the ... more

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Point inside the PPF is not efficient as it is not... more

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PPF expands only when resources increase or ... more

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The imposition of tax will increase the price of ... more

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The given statement talks about a fact thatthe law... more

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Economics is considered a science as it is based ... more

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An assumption allows the economist to break a ... more

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No, an economic model should only explain ... more

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A family interacts withthe factors of the ... more

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Therational circular flow diagram does not include... more

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The production possibility frontier shows how an ... more

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An outcome is efficient if the economy is getting ... more

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Economics is broadly divided into microeconomics ... more

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A positive statement talks about how something is... more

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Economists have different views regarding which ... more

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The bulged out shape of the PPF signifies an ever ... more

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