Market specialization and the rise of the division of labor
A) create important conditions for economic growth.
B) help explain why some nations are wealthier than others.
C) do both of the above.
D) do neither of the above.
C
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Your textbook authors use the urban traffic example to show
A) why economics cannot explain non-financial processes. B) how social cooperation emerges when people act under generally accepted rules. C) how a smooth flow of traffic can only be achieved by detailed, central planning. D) how a smooth flow of traffic can only be achieved if people drive in the public interest.
In one month, Moira can knit 2 sweaters or 4 scarves. In one month, Tori can knit 1 sweater or 3 scarves. Moira's opportunity cost of knitting scarves is lower than Tori's opportunity cost of knitting scarves
a. True b. False Indicate whether the statement is true or false
The formula 
is the
A. federal funds rate. B. potential money multiplier. C. actual change in the money supply. D. discount rate.
This economic term or expression refers to markets and prices determining what gets bought and sold in our economy, seemingly almost automatically without interference or orders from anyone.
a) Consumer sovereignty b) Demand c) Invisible hand d) Capitalism e) Circular flow