Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, a decrease in unemployment may be represented by the movement from
A. B to A.
B. C to D.
C. B to D.
D. A to C.
Answer: B
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Without specialization, individuals might spend time producing ________ goods.
A. unwanted B. low cost C. high cost D. general
In the example of the Nike running shoe, we see that
A) selling costs account for over half of a shoe's retail price. B) materials actually account for two-thirds of the retail price of the shoes. C) taxes account for one-quarter of the retail price of the shoes. D) production costs exceed selling costs by a wide margin. E) raw materials costs are by far the largest component of the total costs of producing the shoes.
Economics is the study of
a. how to start a business b. how to make money in stocks, bonds, and real estate c. choice under conditions of abundance d. choice under conditions of scarcity e. multinational business
Which of the following could be responsible for the depreciation of a country's currency?
A. The country expands its tourist industry. B. The country experiences a sudden drop in the rate of inflation while other nations do not. C. Speculators anticipate economic growth in that nation. D. The country defaults on bonds held by foreigners.