Economics is the study of
A) nonhuman phenomena.
B) the determinants of preferences.
C) scarce resources and unlimited wants.
D) the physical sciences.
Answer: C
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When a nation is producing the allocatively efficient quantity of a product, the marginal benefit of producing the good equals the marginal cost of producing that good
Indicate whether the statement is true or false
Explain whether it is possible for a country to have an absolute advantage in the production of a product without having a comparative advantage in the production of that product
What will be an ideal response?
Which of the following characteristics is least unique to a market system?
A. the widespread use of money B. freedom of enterprise and choice C. private ownership of property resources D. competition among buyers and sellers pursuing monetary returns
Figure 7-12
Which of the graphs in Figure 7-12 shows a marginal physical product curve that exhibits first increasing and then diminishing marginal returns to sunlight?
A. (a) B. (b) C. (c) D. (d)