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Economics, Fourth Edition
John B. Taylor, Stanford University
Sample Study Guide Chapter
Answers to the Fill-in Questions

1. Scarcity

2. Economics

3. purposeful choices

4. markets; organizations

5. opportunity cost

6. gains from trade

7. division of labor

8. comparative advantage

9. International trade

10. Production possibilities

11. production possibilities curve

12. Economic growth

13. market; command

14. Property rights

15. signals; incentives; distribution of income



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