Date: 2022-03-20 Question 1 [10 points] Choose the term that best matches each of the following descriptions: a) select answer The set of goods and services combinations that can be produced in the economy when all available productive resources are in use. b) select answer A logical view of how things work, and is frequently formulated on the basis of observation. C) select answer The buildings, machinery, equipment and software used in producing goods and services. d) select answer Yc = (number of workers at full employment) x (output per worker). e Microeconomics The study of individual behaviour in the context of scarcity. f select answer The study of the economy as a system in which interactions and feedbacks among sectors determine national output, employment and prices. The combination of goods that can be produced using all of the resources available. g) select answer The combination of goods that can be consumed as a result of a given production choice. h) select answer A A period of high growth that raises output above normal capacity output. i) select answer A formalization of theory that facilitates scientific inquiry. j) select answer SAVE AND CLOSE SUBMIT AND MARK Official Time: 20:10:05