Economics is a social science that studies how individuals, institutions, and society may:
A. Expand the amount of resources available to them
B. Attain a minimum level of production
C. Best use resources to maximize satisfaction of economic wants
D. Reduce the amount of goods and services they need
Answer : c
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List some of the problems that may arise when prices are controlled
Abby bakes brownies and Liam grows flowers. In which of the following cases is it impossible for both Abby and Liam to benefit from trade?
a. Abby does not like flowers and Liam does not like brownies. b. Abby is better than Liam at baking brownies and Liam is better than Abby at growing flowers. c. Liam is better than Abby at baking brownies and at growing flowers. d. Both Abby and Liam can benefit from trade in all of the above cases.
In Figure 30.2, unemployed labor at the equilibrium wage is equal to
A. 28 workers. B. 0 workers. C. 10 workers. D. 34 workers.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.