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 .
The resources in an economy :
Are always fixed
Can never decrease
Always increase overtime
Are limited at any moment in time .
_________ refers to an increase in the capacity of an economy to produce goods and services compared from one period of time to another .
Economic development
Economic growth
Macro economics
Micro economics
In a free market
Governments intervene
Governments plan production
Government interfere
Prices adjust to coincide scarcity and desires .
An Outward shift the production possibility frontier may be caused by
An increase in demand .
More government spending
Better training of employees.
Productive efficiency .
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 .
Economics is the study of
Production Technology
Consumption decisions
How society decides what ,how and for whom to produce
The best way to run society
________ capital also known as environmental capital .
Physical capital
Human capital
Natural capital
Social capital
____ is used to produce more goods and service in the future .
Microeconomics is concerned with
The economy as a whole
The electronics industry
The study of individual economic behaviour
The interactions within the entire economy .
