Economics is most precisely defined as
A) a study of what people need to survive.
B) a study of how culture evolves in different geographic areas.
C) the same as the study of finance and management.
D) the study of how people make choices.
D
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With sticky nominal wages an unexpected decline in aggregate demand can be expected to cause.
What will be an ideal response?
When the long-run aggregate supply curve shifts right, it represents:
A. an unemployment rate of zero. B. economic growth. C. pushing our economy beyond normal capacity. D. negative inflation.
Refer to the information provided in Figure 16.2 below to answer the question(s) that follow.
Figure 16.2Refer to Figure 16.2. The unregulated (market) amount of cars is
A. 25. B. 35. C. zero because any production results in an external cost. D. indeterminate from the information given.
The debtor obligated to debt repayments larger than his greatest possible earnings
A. could be imprisoned under current U.S. bankruptcy law. B. has little incentive to work in order to repay the debt. C. will repay the debt in order to avoid being called a "deadbeat." D. will have to work overtime or a second job to repay the debt.