Economists believe that people specialize because it ______.
a. lets them make the best use of their limited resources
b. fosters self-esteem and leads to independence
c. is less expensive than pursuing further education
d. reflects human nature to prefer a narrow perspective
a. lets them make the best use of their limited resources
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The MPS is
A. .9.
B. .8.
C. .7.
D. .6.
When a commercial bank borrows from a Federal Reserve Bank:
A. the supply of money automatically increases. B. it indicates that the commercial bank is unsound financially. C. the commercial bank's lending ability is increased. D. the commercial bank's reserves are reduced.
Direct regulation of externalities take place at the ________ level.
A. federal B. local C. state D. all of the above
What happened to the so-called Asian tigers in the 1960s and 1970s?
a. They underwent a period in which their economies turned into mild communism. b. The literacy rates of these countries declined in this time period (that is, a smaller percentage of the people could read). c. They all became part of the First World. d. They became the most technologically advanced countries in the world. e. They underwent the process of opening their economies and experienced rapid economic growth.