Quiz 2 Flashcards
1
Q
Scarcity is the condition in which human wants and needs exceed the availability of time, goods, and resources.
A
True
2
Q
Macroeconomics focuses on economic analyses of the whole or entire economy.
A
True
3
Q
Which of the following is considered a category for the factors of production?
A
labor
4
Q
A(n) ___________ relationship is depicted by a downward sloping line.
A
negative
5
Q
The ability to generally produce more that others is known as _________________
A
absolute advantage
6
Q
Using the table below, who has a comparative advantage in producing “meat”?
A
