______ refers to raising the standard of living and well being of people .
Economic development
Economic growth
Macro economics
Micro economics
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 .
Microeconomics is concerned with
The economy as a whole
The electronics industry
The study of individual economic behaviour
The interactions within the entire economy .
Normative economics forms ________ based on
Positive statements ,facts
Opinions ,personal values
Positive statement ,value
Opinions ,facts
_______ refers to investments in financial instruments,like stocks and bonds or the funds that are used to buy financial instrument like stock and bonds .
Physical capital
Financial capital
Human capital
Capital
_________ is the situation in which available resources or factors of production are finite whereas wants are infinite .
Scarcity
Distribution of income
Production
Capital formation
If an economy is productively efficient :
Every one is wealthy
Resources are unemployed
More of one product can only be produced if less of another product is produced .
The distribution of income is equal
An Outward shift the production possibility frontier may be caused by
An increase in demand .
More government spending
Better training of employees.
Productive efficiency .
____ is used to produce more goods and service in the future .
Natural capital
Social capital
________ capital also known as environmental capital .
