Economics is the study of:
a. the allocation of scarce resources and the ways in which human decision makers utilize those resources.
b. the methods that human decision makers use to transform a scarce good into a non-economic good.
c. how to operate a business successfully.
d. a utopian society.
e. how to make money in the stock market.
a
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Which of the following statements concerning the short-run average cost curve of economic theory is true?
a. It is L-shaped b. It is ?-shaped c. It is ?-shaped d. It is ?-shaped e. It is M-shaped
A decrease in currency in circulation combined with an equal increase in savings account deposits would: a. increase both M1 and M2
b. increase M1 but have no effect on M2. c. decrease both M1 and M2. d. decrease M1 but have no effect on M2.
Suppose the central bank of a country announces that interest rates will remain between 1 and 2 percent for the next 2 years. This is an example of:
a. open market operations. b. deficit financing. c. forward guidance. d. quantitative easing.
Use the following table to answer the question below. Jorge's Production Possibilities SchedulePounds of Green BeansPounds of Corn03202024040160608080 0Jorge's production possibilities schedule demonstrates that
A. green beans have a trade-off with corn, but corn does not have a trade-off with green beans. B. there is no trade-off between corn and green beans. C. both corn and green beans require a trade-off. D. green beans do not have a trade-off with corn, but corn has a trade-off with green beans.