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Unformatted text preview: Which of the following is not a basic element in the economic approach to solving problems? Correct Answer: Dependence on governmental bureaucracy for solutions to all social problems. The word that best describes what economists study is Correct Answer: choice. An economy's production possibilities curve will shift outward as a result of Correct Answer: an increase in the level of technology. An inference from economic theory that can be subjected to real-world testing is Correct Answer: a testable hypothesis. Which of the following is true of scarcity? Correct Answer: It is a basic problem of economics that affects all nations. Economists are most likely to disagree over what policy to pursue because Correct Answer: they have the same models but different values and priorities. Microeconomics deals mainly with Correct Answer: the interactions of producers and consumers in individual markets. The marginal approach is Correct Answer: concerned with incremental changes....
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This note was uploaded on 01/13/2012 for the course ECON 2306 taught by Professor Kamara during the Spring '11 term at University of Texas at Austin.
- Spring '11