The basic concern of economics is to:
A) keep business firms from losing money.
B) prove that capitalism is better than socialism.
C) study the choices people make.
D) use unlimited resources to produce goods and services to satisfy limited wants.
Ans: C) study the choices people make.
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Does a person who works in a brothel sell productive services?
A) Yes, if the service is demanded. B) Yes, but only in states where brothels are legal. C) No, because the service is immoral. D) No, because the service does not help the overall economy.
Mortgage loans made to borrowers with a more limited ability to repay are known as
A. subprime mortgages. B. credit default swaps. C. leveraged securities. D. mortgage-backed securities.
If the economy is inflationary, the Fed would most likely:
a. increase bank reserves by raising the discount rate. b. increase bank reserves by buying government securities c. decrease bank reserves by lowering the discount rate. d. decrease bank reserves by selling government securities. e. decrease bank reserves by lowering the legal reserve requirement.
Explain one of the ways a business may find more revenue from the products or services it sells.
What will be an ideal response?