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ECS1501-25-Y
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Which of the following is an example of a normative statement?
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A newspaper headline announces that "more university graduates than ever are in the labour force." This is an example of
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Microeconomics deals with which of the following?
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"Ceteris Paribus" means
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In every economic system, choices must be made because resources are ________ and wants are ________ .
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Economics involves scarcity, choice and opportunity cost.
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People in rich nations are not subject to the principle of opportunity cost.
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Choice is made in economics because resources are unlimited in supply.
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The payment for entrepreneurship is
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Individuals who are willing to take risks, bring resources together, develop new products and start new businesses are referred to as
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