Economic choices or tradeoffs are the result of:
a. human greed
b. scarcity.
c. poverty.
d. private ownership of resources.
b
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Public debt is held as
A) Treasury Bills, Treasury Notes, Treasury Bonds, and U.S. Savings Bonds. B) U.S. Notes. C) Federal Reserve Notes. D) corporate bonds and common stocks of the largest companies.
The marginal productivity theory of distribution holds that
a. each factor is paid what it deserves. b. the owner of each factor is paid the amount that the factor contributes to earnings. c. each factor's income depends on how hard it works. d. each factor receives an equal share of the revenue from production.
Profit-maximizing firms enter a competitive market when existing firms in that market have
a. total revenues that exceed fixed costs. b. total revenues that exceed total variable costs. c. average total costs that exceed average revenue. d. average total costs less than market price.
Strong property rights are important for modern economic growth because:
they allow governments to extract the gains from private citizens' investments. B. people are more likely to invest if they don't fear that others can take their returns on investment without compensation. C. they ensure an equitable distribution of income. D. business cycle fluctuations will be smaller and less likely to disrupt investment patterns.