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Questions and Answers
What does the Greek root 'nemein' in the word 'economics' stand for?
What does the Greek root 'nemein' in the word 'economics' stand for?
- to house
- to manage
- together (correct)
- to keep
What is the relationship depicted by the Phillips curve?
What is the relationship depicted by the Phillips curve?
- Profit and loss
- Electricity consumption and heat output
- Inflation rate and unemployment rate (correct)
- Marked price and selling price
What is the term for the ability of an individual to own and exercise control over scarce resources?
What is the term for the ability of an individual to own and exercise control over scarce resources?
- Resource rights
- Individual rights
- Property rights (correct)
- Social rights
What is the definition of a incentive?
What is the definition of a incentive?
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What is the cost of giving up the next best alternative when making a choice?
What is the cost of giving up the next best alternative when making a choice?
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What is the ability of a single economic actor to influence market prices?
What is the ability of a single economic actor to influence market prices?
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