d.real, one

True/False

151.Business cycle is fluctuations in economic activity, such as employment and production. true

152.Economics is the study of how society manages its scarce resources. true

153.Efficiency is the property of society getting the most it can from its scarce resources. true

154.Equity is the property of distributing economic prosperity fairly among the members of society. true

155.Externality is the impact of one person’s actions on the well-being of a bystander. true

156.Incentive is something that induces a person to act. true

157.Inflation is an increase in some prices in the economy. false

158.Marginal changes is large incremental adjustments to a plan of action. false

159.Market economy is an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services. true

160.Market failure is a situation in which a market left on its own fails to allocate resources inefficiently. false

161.Market power is the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices. true

162.Opportunity cost is whatever must be given up to obtain some item. true

163.Productivity is the quantity of goods and services produced from each hour of a worker’s time. false

164.Property rights are the ability of an individual to own and exercise control over scarce resources. true

165.Rational people are people who systematically and purposefully do the best they can to achieve their objectives. true

166.Scarcity is the nature of society’s resources. false

167.Circular-flow diagram is a visual model of the economy that shows how dollars flow through markets among households and firms. true

168.Macroeconomics is the study of economy wide phenomena, including firms income, inflation, unemployment, and economic growth. false

169.Microeconomics is the study of how households and firms make decisions and how they interact in markets. true

170.Positive statements are claims that attempt to prescribe how the world should be. false

171.Normative statements are claims that attempt to describe the world as it is. false

172.Production possibilities frontier is a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology. true

173.Absolute advantage is the ability to produce a good using fewer inputs than another producer. true

174.Comparative advantage is the ability to produce a good at a higher opportunity cost than another producer. false

175.Exports are goods produced domestically and sold abroad. true

176.Imports are goods produced abroad and sold domestically. true

177.Opportunity cost is whatever must be given up to obtain some item. true

178.Competitive market is a market in which there are many buyers and many sellers so that each has substantial impact on the market price. false

179.Complements are two goods for which an increase in the price of one leads to a increase in the demand for the other. false

180.Demand curve is a graph of the relationship between the income and the quantity demanded. false

Если возникнут вопросы ко мне пишите на s-s-@bk.ru