The one word in the definition of economics that focuses on the fact that it is impossible to provide all of the goods and services that everyone wants is
A. allocation.
B. scarcity.
C. study.
D. resources.
Answer: B
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Specialization allows a society to produce ________ goods.
A. the same amount of B. fewer C. new D. more
Rate of return regulation is equivalent to
A) average cost pricing rule. B) marginal cost pricing rule. C) maximizing consumer surplus. D) maximizing producer surplus.
Which of the following could increase the demand for dollars in the foreign exchange market?
a. a higher inflation rate in foreign countries b. higher interest rates in foreign countries c. higher prices in the United States d. a depreciation of the dollar e. an appreciation of other currencies
If income were distributed equally our economic _________ would suffer.
Fill in the blank(s) with the appropriate word(s).