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Questions and Answers
What does the word 'nemein' in the root of economics stand for?
What does the word 'nemein' in the root of economics stand for?
- to manage (correct)
- to keep
- to house
- together
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?
- Social rights
- Individual rights
- Resource rights
- Property rights (correct)
What is the term for something that induces a person to act?
What is the term for something that induces a person to act?
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What is the term for the ability of a single economic actor to have a substantial influence on market prices?
What is the term for the ability of a single economic actor to have a substantial influence on market prices?
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What is the term for the ability to produce a good at a lower opportunity cost than another producer?
What is the term for the ability to produce a good at a lower opportunity cost than another producer?
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