welkers eco problem

ceteris paribus is best defined as 

• the next best alternative choice 
• a factual statement 
• an economic model about choice 
• all variables except one are kept constant 

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

• Trade-off
• opportunity cost
• PPF
• Scarcity

A technique of reducing or forgoing one or more desirable outcomes in exchange for increasing or obtaining other desirable outcomes in order to maximize the total return or effectiveness under given circumstances.

• Trade-off
• Opportunity cost
• PPF
• Scarcity

Which of the following would not shift an economy's PPC?

• An increase in population.
• Doubling the amount of capital in the economy.
• An increase in the money supply.
• A technological advance.

A PPC shows,

• The best combination of goods to produce.
• The plans for increasing output in the short run.
•  What can be produced with various combinations of resources.
• Resources are constrained by choices.

Efficiency along the PPC implies

•  Goods are produced quickly.
• The state of technology is maximized.
• ,c) In order to get more of a good, some of another must be given up.
• Goods are distributed equitably.

Opportunity Cost is best defined as

• the value of the next best alternative that is given up due to the choice you made 
• The price you pay to purchase something 
• The benefit you gain by making a decision 
• The amount of debt you take on by making a decision 

the flow from households to firms is the 

• cost of production 
• wages interest and rent 
• good and services 
• factors of production 

who believed in freedom of choice and the market 

• adam Smith
• Yohan Yousoff 
• karl engels 
• Che Guevara 

Which is NOT a characteristic of a Market Economy?

• Property Rights
• Freedom of Enterprise
• Competition
• Total Government Control