Question: Using Figure 1.4, an increase in the capacity to produce can be represented by a movement from point:

Selected Answer:

Correct C to point E.

Answers:

A to point B.

Correct C to point E.

A to point C.

D to point E.

Answer:

Question: The fundamental problem of economics is:

Answer: The scarcity of resources relative to human wants.

Question: Macroeconomics focuses on the performance of:

Answer: The overall economy.

Question: A production-possibilities curve indicates the:

Answer: Maximum combinations of goods and services an economy can produce given its available resources and technology.