ECON 2000 : Exam Review
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_________________: the use of market prices and sales to signal desired output is. __________________________________: ____________________________ is the doctrine of leave it alone, of nonintervention by government in the market mechanism, an imperfection in the market mechanism that prevents optimal outcomes is known as. ________________________________________________________________________: complete the table below by calculating opportunity cost in forgone cups of coffee for each additional cup of tea: Tuesday 3:00-4:00: determine whether the following statements are normative or positive: _______________ if the government raises the tax on beer, this will lead to a fall in profits of the brewers. ________________ pollution is the most serious economic problem. ________________ higher interest rates will reduce house prices. ________________ resources should be allocated by allowing the market mechanism to work freely. ________________our tax money is best spent on education. ________________ a rise in average temperatures will increase the demand for sun screen products. __________________________________________________________________________: circle all things included in gdp: Production by foreign-owned firms located in the us.
