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Econ T/F Q

A point inside the production possibilities curve illustrates an economy with an unemployment problem.




True 
False 



 

 


 An increase in the labor supply due to immigration would shift the production possibilities curve to the right.




True 
False 



 

 


 Ceterisparibus means all other things are assumed not to change.


True 
False 



 

 


 Economics is the social science concerned with the best use of scarce resources to achieve maximum satisfaction of economic wants.


True 
False 



 

 


 Economists always place the dependent variable on the vertical axis and the independent variable on the horizontal axis in all cases.


True 
False 



 

 


 Entrepreneurship refers to a new college graduate who is looking for a job with a large company.




True 
False 



 

 


 If society has over-allocated resources to a particular activity, then the marginal benefits of the activity would be less than the marginal costs.




True 
False 



 

 


 Rational behavior implies that different people faced with similar choices will make the same decisions.




True 
False 



 

 


 The resource category called “capital” includes forests, mineral deposits, and water resources.




True 
False 



 

 

 


 The study of economics is not useful for consumers because economic analysis focuses only on businesses and the government.


True 
False

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