ECS1501-25-Y
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Which of the following would be a positive economic statement?
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Positive economics
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The ceteris paribus assumption means “all other things equal”.
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Scarcity exists
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Scarcity is what Economics is all about.
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In professional sport, a soccer ball is a capital good.
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Economists work on the premise that
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Opportunity cost is the cost to produce goods and services.
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A government in a command economy is trying to balance rapid industrial development with the equitable distribution of resources among its citizens. Which strategy best applies command economic principles to achieve both objectives?
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How might a government in a mixed economic system respond to market failures, such as high unemployment or environmental damage?
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