Economics is a study of how
a. people interact with each other in social situations
b. too many goods and services can make people unhappy
c. to make resources infinite
d. we allocate our resources to satisfy our wants
e. to satisfy all of our wants as a society
D
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Why does the labor supply curve eventually bend backwards?
What will be an ideal response?
The three approaches to measuring economic activity are the
A) cost, income, and expenditure approaches. B) product, income, and expenditure approaches. C) consumer, business, and government approaches. D) private, public, and international approaches.
Complete crowding out implies that a government deficit financed by selling bonds to the nonblank public will
A) have no effect on aggregate demand. B) reduce aggregate demand. C) increase aggregate demand. D) reduce aggregate demand in the short run but cause demand to increase in the long run.
For any item (physical or financial) to be used as money, the item must be
a. a precious metal, such as gold or silver b. accepted as a medium of exchange c. divisible into smaller units by at least 10, otherwise most exchanges cannot occur, rendering useless the money form d. paper (fiat) backed by a precious metal e. portable