0. Basic Principles of Economics

Economic models are ________.

Which type of economic statement is illustrated when the government decides what is produced, along with how much is produced?

In the context of positive and normative analysis, what is the term used when a manager is overwhelmed by so much data that they are unable to make a decision?

When a government conducts a cost-benefit analysis, it must consider:

Business practices in Latin America require less emphasis on __________ than in the U.S.

Which of the following best explains the concept of explicit costs?

In the context of evaluating a good tax system, what does 'economy' refer to?

Which of the following statements best illustrates positive analysis, assuming ceteris paribus?

Which of the following best explains, from a normative perspective, why the Persian people opposed their ruler's policy of selling business concessions to Europeans?

Which type of economic analysis is President Jefferson showing support for in this excerpt?

Which critical assumption in microeconomics arises from the insight that bundles of resources differ across firms?

Which of the following is not primarily a consumer service?

Which of the following would NOT be considered an explicit cost for a company?

In the context of positive and normative analysis, over which of the following determinants do individuals typically have the most control?

When an organization states it wants to increase output by 10%, they have stated a(n):