The value of the next best alternative that must be given up or sacrificed in order to obtain something else is
Fixed cost
Marginal cost
Variable cost
Opportunity cost
What gives the PPC the concave shape?
Increasing marginal opportunity cost
Decreasing marginal opportunity cost
Decreasing fixed cost
Decreasing marginal cost
Which one of the following is a positive statement?
The unemployment rate should be lower.
The health care should be available free of charge.
Extreme poverty should be eradicated.
The unemployment rate is 5%
Macro Economics considers the economy as a
Single unit
Double unit
Whole
Narrow
The goods purchased by consumers that satisfy immediate needs and wants
Producer goods
Non-economic goods
Durable goods
Consumer goods
Sustainable development
Economic growth
Economic development
Rural development
Macro Economics
Micro Economics
Normative Economics
Positive Economics
Economic good
Free good
Private good
Inferior good
As the economy moves from one point of the PPC to another, the opportunity costs are
Constant
Change slowly
Decreases
Increases
The situation in which available resources are not enough to produce everything that human beings need and want.
Abundant resource
Scarcity
Unlimited resource
Non-durable
