Econ T/F Q
A point inside the production possibilities curve illustrates an economy with an unemployment problem.
True False
An increase in the labor supply due to immigration would shift the production possibilities curve to the right.
True False
Ceterisparibus means all other things are assumed not to change. True False
Economics is the social science concerned with the best use of scarce resources to achieve maximum satisfaction of economic wants. True False
Economists always place the dependent variable on the vertical axis and the independent variable on the horizontal axis in all cases. True False
Entrepreneurship refers to a new college graduate who is looking for a job with a large company.
True False
If society has over-allocated resources to a particular activity, then the marginal benefits of the activity would be less than the marginal costs.
True False
Rational behavior implies that different people faced with similar choices will make the same decisions.
True False
The resource category called "capital" includes forests, mineral deposits, and water resources.
True False
The study of economics is not useful for consumers because economic analysis focuses only on businesses and the government. True False
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