Which of the following skills would the study of economics help promote?
A. problem solving
B. memorization
C. critical thinking
D. problem solving and critical thinking only.
Answer: D
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Suppose that opportunity costs are constant and that Fred can either bake a maximum of six pies or three cakes in a day. Ethel can either produce a maximum of eight pies or two cakes in a day. Ethel's opportunity cost to produce one cake is
A) one-half pie. B) two pies. C) six pies. D) four pies.
International specialization and trade according to the principle of comparative advantage is mutually beneficial for all economies involved
a. True b. False Indicate whether the statement is true or false
Aggregate expenditure will not equal GDP unless
a. next exports are zero. b. transfer payments are zero. c. inventory investment is positive. d. inventory investment is zero. e. inventory investment is negative.
You are given the following information: Reserves (R) in the banking system amount to $48 billion, of which $45.8 billion are required. Currency in the hands of the public amounts to $692.5 billion while checkable deposits amount to $650 billion. Calculate the money multiplier.
What will be an ideal response?