Economics is the study of the ________ people make to attain their goals, given their ________ resources
A) decisions; household B) choices; scarce
C) purchases; unlimited D) income; available
B
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When an economy expands into an economic boom, automatic stabilizers will tend to
a. enlarge the budget deficit (or reduce the surplus). b. reduce the budget deficit (or increase the surplus). c. ensure that the budget will remain in balance. d. reduce the supply of money and, thereby, retard aggregate demand.
Compounding is:
A. the process of deposits steadily increasing a set amount annually. B. the process of accumulation of additional interest paid on interest that has already been earned. C. the process of adding the percentage of interest times your initial principal yearly. D. None of these statements is true.
Alexis de Tocqueville observed in his Democracy in America: "There is no country in which everything can be provided for by the laws, or in which political institutions can prove a substitute for
A) common sense and morality."
B) economic development."
C) police and prisons."
D) supply and demand."
E) the private pursuit of private interests."
Minimum wage creates a(n) ______ of low-skilled workers.
a. scarcity b. equilibrium c. surplus d. shortage