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Economics

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Xander Hahn

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Cards in this guide (13)
Explain how the production of services differs from the production of manufacturing goods give two example

In the game of economics, which of the following players use goods and services?

Which of the following would not increase GDP

More imports
Imports. Apex 8)
imports. Apex 8)
Greater levels of investment.

Which of the following is not an economic goal

Victory

Economics is about allocating resources to produce and distribute which of the following

Goods and services

Calculations of cost and benefit are always which of the following

Subjective

Which of the following best explains why the circular flow model characterizes the free-market system

Consumers and producers influence each other in a circular fashion.

What describes an efficient outcome

A car is designed to waste as little fuel as possible.

What concept do economists use to measure the satisfaction a person gets from the use or consumption of goods and services

The concept of utility is a measure of consumer satisfaction.

Which of the following best explains why the game of economics does not have a signal goal

Evaluation

Which of the following economic indicators would be most useful for figuring out whether the economy is growing quickly of slowly

gross domestic product

What best explains why players in the game of economics are often in conflict with each other

Some economic goals are incompatible with each other.

The need to get goods from producers to consumers raises what basic questions

How are goods and services distributed

Which if the following is not a goal pursued in the game of economics

Stagnation

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