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ECS1501-25-Y
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Suppose there is a sudden increase in consumer demand for electric vehicles in a market economy. Which of the following responses best illustrates how the market system would react?
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A small rural community operating under a traditional economic system faces a dispute over the distribution of harvest resources. How would the community most likely resolve this issue?
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Many countries have switched to command systems in recent years.
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Which of the following is a normative statement?
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Economics studies human behaviour and is therefore classified as a social science.
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Suppose that the following headlines appeared in a newspaper. Which would most clearly represent a macroeconomic issue?
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The statement "Unemployment should be kept at or below a level of 6 percent" is
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For economists, positive statements are
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Consider an economic model designed to analyse the purchasing decisions of households. An assumption that a household chooses between only two goods would be an example of a
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When we say that two variables are directly related, we mean that:
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