MBEC QUIZ

......is basic necessity feel deprived if this is absent (please write with capital letter and 1 word)

................ analysis describing relationships of cause and effect (1 word and capital letter)

a want that is supported by a decision and the capacity to buy is

• supply

• demand

• market

• price

The claim that, other things equal, the quantity of demanded

good falls when the price of the good......

• declines

• similar

• increases

• None of the answer is correct

Which is not the part of the consumer preferences

• Completeness

• Transitivity

• Autarky

• More is better than less

consumers can compare and rank all possible baskets. Thus, for any two market baskets A and B, a consumer will prefer A to B. It is..........attribute (1 word and capital letter)

The indifference curve represents all combinations of market baskets that provide the consumer with the different satisfaction levels

• True

• False

Producers face the trade-off between current consumption and future consumption

• True

• False

Buyers encounter the constraint between between labor and leisure

• True

• False

..................is often supplemented by value judgments. When value judgments are involved, economics cannot tell us what the best policy

• Positive Analysis

• Policy Analysis

• Normative Analysis

• None of them is correct