From the list on your right select the letter that contains the word, phrase, na

Question

From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on the left. L !"There is no such thing as a free lunch." Although increased govemment investments in infrastructure B.A PPF with increasing opportunity cost A The Budget Constraint line rotates clockwise saved or created 1.1 million jobs in construction industry and C 400,000 jobs in manufacturing by March 2011, the U.S unemployment rate for the month was still 88% Perfectly elastic demand D. Each time a choice is made opportunity costs are incurred. E. A normative microeconomics statement A downward sloping curve that is bowed outward production in one area without reducing in another natural gas and able to pay and the actual price he/she paid Price elasticity of demand for good X is 2.5 Represents a situation where it is possible to increase A society that produces at a point above its PPF G. The Budget Constraint shifts inward H. Decrease price to raise revenue 'Ilf Hurricane Harvey reduces both demand and supply of ·The difference between the maximum pnce a person is willing J. A situation of no-exchange. K. A positive macroeconomics statement L The Law of Diminishing Marginal Utility M Equilibium price for the item can increase, decrease, or remain A small increase in price of a good reduces quantity demanded to zero the same. Total utility declines as the quantity consumed of a good increases consumers surplus Income declines O Productive inefficient Equilibrium price for the item will necessarily increase Perfectly inelastic demand

Explanation / Answer

1. Positive macro statement ( as it is only descriptive)

2. Normative macro statement

3. PPF

4 a point above ppf

5 equilibrium price can increase decrease or same

6 consumer surplus

7 decrease the price to increase revenue

8 perfectly elastic Demand

9 Negative marginal utility

10 budget constraint shifts inwards

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