______ refers to raising the standard of living and well being of people .
Economic development
Economic growth
Macro economics
Micro economics
____ is used to produce more goods and service in the future .
Physical capital
Human capital
Natural capital
Social capital
Which of the following is a normative statement in economics ?
More spending by the government reduces poverty
Higher taxes lead to less desire to walk .
The UK economy is growing fast relative to other European union members .
The government should concentrate on reducing unemployment .
An Outward shift the production possibility frontier may be caused by
An increase in demand .
More government spending
Better training of employees.
Productive efficiency .
_________ refers to an increase in the capacity of an economy to produce goods and services compared from one period of time to another .
Normative economics forms ________ based on
Positive statements ,facts
Opinions ,personal values
Positive statement ,value
Opinions ,facts
__________ is development that meets the needs of the present without compromising the ability of failure generations to meet their own needs .
Sustainable development
Social development
In the mixed economy
Economic problems are solved by the government and market
Economic decisions are made by the private sector and free market
Economic allocation is achieved by the invisible hand
Economic questions are solved by government departments .
Microeconomics is concerned with
The economy as a whole
The electronics industry
The study of individual economic behaviour
The interactions within the entire economy .
The opportunity cost of a good is
The time lost in finding it .
The quantity of other goods sacrificed to get another unit of that good .
The expenditure on the good
The loss of interest in using savings .
