The optimal mix of output may not be produced by an economy because of the existence of
A. Production possibilities.
B. Internalities.
C. Inequity.
D. Underproduction of public goods.
Answer: D
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Suppose you use your debit card to buy soda from a soda machine. Which of the following is true regarding the transaction?
A) The debit card is not money; it's only an instruction to make a loan. B) The debit card is money; your use reflects the exchange of a good. C) The debit card is not money; its use is only a tool to cause money to move from your account. D) Your use makes the debit card money, as funds are transferred between your account and the machine owner. E) Using the debit card is like using a check and is, therefore, money.
Leisure being a normal good is neither necessary nor sufficient for labor supply to slope up.
Answer the following statement true (T) or false (F)
On average, people in high-income countries ________ than people in low-income countries
A) are exposed to more severe diseases B) are subject to a higher infant mortality rate C) have a shorter life expectancy D) are taller
Economists study how people make decisions
a. True b. False Indicate whether the statement is true or false