As a result of specialization and trade, individuals no longer have to make choices about how to spend their incomes.
Answer the following statement true (T) or false (F)
False
Because of scarcity, market consumers will always have to make choices.
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At which time is the opportunity cost likely to be higher to go to war, during a recession or during an economic boom? Explain your answer fully
What will be an ideal response?
Explain the long-run consequences of continued increases in the money supply
What will be an ideal response?
What is the measure of the income received by owners of resources used in making final goods and services?
a. factor payments b. product payments c. indirect earnings d. direct earnings
If, under a fixed exchange rate system, the dollar price of Mexican pesos is below its equilibrium level, then the
A) dollar is undervalued. B) peso is undervalued. C) dollar has depreciated. D) peso has appreciated. E) a and c