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ECS1501-25-Y
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Any movement from one point on a production possibilities curve to another point on the curve illustrates the principle of opportunity cost.
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A point inside a production possibilities curve
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rightward shift of the production possibilities curve indicates unemployment.
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Technical efficiency occurs when production
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In market capitalism each participant in the economic process pursues his or her self-interest.
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What is the significance of self-interest and competition in a market economic system?
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The distinction between socialism and capitalism is to be found in the predominant type of ownership of the productive assets.
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How do cultural customs and traditions primarily influence economic decisions in a traditional economic system?
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Imagine a country operating under a command economic system is facing a sudden shortage of essential medical supplies due to an unforeseen crisis. Which actions would the central government most likely take to address this shortage?
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Which of the following is a common feature of a mixed economic system?
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