Scarcity of resources

Inequality of income

Inflation

Unemployment

Economic growth, full employment, and price stability

Economic growth, low unemployment, and high inflation

Economic growth, high unemployment, and price stability

Economic growth, low unemployment, and high inflation

Microeconomics studies individual markets, while macroeconomics studies the economy as a whole.

Microeconomics studies the behavior of individual consumers and firms, while macroeconomics studies the behavior of the economy as a whole.

Microeconomics studies the behavior of individual consumers, while macroeconomics studies the behavior of individual firms.

Microeconomics studies the behavior of the economy as a whole, while macroeconomics studies the behavior of individual markets.

The law of supply and demand states that the quantity of a good or service supplied is directly related to its price, and the quantity of a good or service demanded is inversely related to its price.

The law of supply and demand states that the quantity of a good or service supplied is inversely related to its price, and the quantity of a good or service demanded is directly related to its price.

The law of supply and demand states that the quantity of a good or service supplied is directly related to its price, and the quantity of a good or service demanded is directly related to its price.

The law of supply and demand states that the quantity of a good or service supplied is inversely related to its price, and the quantity of a good or service demanded is inversely related to its price.

A positive economic statement is a statement that can be tested and verified using data, while a normative economic statement is a statement that expresses an opinion or value judgment.

A positive economic statement is a statement that expresses an opinion or value judgment, while a normative economic statement is a statement that can be tested and verified using data.

A positive economic statement is a statement that is true for all people, while a normative economic statement is a statement that is true for some people.

A positive economic statement is a statement that is false for all people, while a normative economic statement is a statement that is false for some people.

To provide public goods and services, regulate economic activity, and redistribute income.

To provide public goods and services, regulate economic activity, and increase income.

To provide public goods and services, regulate economic activity, and decrease income.

To provide public goods and services, regulate economic activity, and eliminate income.

A tax is a mandatory payment to the government, while a subsidy is a voluntary payment to the government.

A tax is a voluntary payment to the government, while a subsidy is a mandatory payment to the government.

A tax is a payment to the government that is used to fund public goods and services, while a subsidy is a payment to the government that is used to fund private goods and services.

A tax is a payment to the government that is used to fund private goods and services, while a subsidy is a payment to the government that is used to fund public goods and services.

A budget deficit occurs when the government spends more money than it takes in, while a budget surplus occurs when the government takes in more money than it spends.

A budget deficit occurs when the government takes in more money than it spends, while a budget surplus occurs when the government spends more money than it takes in.

A budget deficit occurs when the government spends the same amount of money as it takes in, while a budget surplus occurs when the government takes in the same amount of money as it spends.

A budget deficit occurs when the government spends less money than it takes in, while a budget surplus occurs when the government takes in less money than it spends.

A recession is a period of economic decline that lasts for at least two consecutive quarters, while a depression is a period of economic decline that lasts for at least three consecutive quarters.

A recession is a period of economic decline that lasts for at least three consecutive quarters, while a depression is a period of economic decline that lasts for at least two consecutive quarters.

A recession is a period of economic decline that lasts for at least four consecutive quarters, while a depression is a period of economic decline that lasts for at least three consecutive quarters.

A recession is a period of economic decline that lasts for at least three consecutive quarters, while a depression is a period of economic decline that lasts for at least four consecutive quarters.

Inflation is a sustained increase in the general price level of goods and services, while deflation is a sustained decrease in the general price level of goods and services.

Inflation is a sustained decrease in the general price level of goods and services, while deflation is a sustained increase in the general price level of goods and services.

Inflation is a sustained increase in the general price level of goods and services, while deflation is a sustained increase in the general quantity of goods and services.

Inflation is a sustained decrease in the general price level of goods and services, while deflation is a sustained decrease in the general quantity of goods and services.

A fixed exchange rate is a system in which the value of a currency is pegged to the value of another currency or a basket of currencies, while a floating exchange rate is a system in which the value of a currency is determined by supply and demand in the foreign exchange market.

A fixed exchange rate is a system in which the value of a currency is determined by supply and demand in the foreign exchange market, while a floating exchange rate is a system in which the value of a currency is pegged to the value of another currency or a basket of currencies.

A fixed exchange rate is a system in which the value of a currency is pegged to the value of another currency, while a floating exchange rate is a system in which the value of a currency is pegged to the value of a basket of currencies.

A fixed exchange rate is a system in which the value of a currency is determined by supply and demand in the foreign exchange market, while a floating exchange rate is a system in which the value of a currency is pegged to the value of another currency.

A developed country is a country with a high level of economic development, while a developing country is a country with a low level of economic development.

A developed country is a country with a low level of economic development, while a developing country is a country with a high level of economic development.

A developed country is a country with a high level of economic development and a high level of human development, while a developing country is a country with a low level of economic development and a low level of human development.

A developed country is a country with a low level of economic development and a high level of human development, while a developing country is a country with a high level of economic development and a low level of human development.

A market economy is an economy in which the allocation of resources is determined by the forces of supply and demand, while a command economy is an economy in which the allocation of resources is determined by the government.

A market economy is an economy in which the allocation of resources is determined by the government, while a command economy is an economy in which the allocation of resources is determined by the forces of supply and demand.

A market economy is an economy in which the allocation of resources is determined by the forces of supply and demand and the government, while a command economy is an economy in which the allocation of resources is determined by the government and the forces of supply and demand.

A market economy is an economy in which the allocation of resources is determined by the government and the forces of supply and demand, while a command economy is an economy in which the allocation of resources is determined by the forces of supply and demand and the government.

A monopoly is a market structure in which there is only one seller, while perfect competition is a market structure in which there are many buyers and sellers.

A monopoly is a market structure in which there are many buyers and sellers, while perfect competition is a market structure in which there is only one seller.

A monopoly is a market structure in which there are many buyers and sellers and the products are differentiated, while perfect competition is a market structure in which there are many buyers and sellers and the products are homogeneous.

A monopoly is a market structure in which there are many buyers and sellers and the products are homogeneous, while perfect competition is a market structure in which there are many buyers and sellers and the products are differentiated.