Every social system confronts scarcity and therefore must
A. produce only free goods.
B. try to produce outside its production possibilities frontiers.
C. economize.
D. allocate goods by government edict.
C. economize.
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Market failures include all of the following EXCEPT
A) equalization of quantity supplied and quantity demanded. B) public goods. C) positive externalities. D) negative externalities.
The largest single portion of the federal budget is devoted to
a. National defense. b. Medicare and Medicaid. c. Social Security and unemployment compensation. d. Education. e. Interest payments on the national debt.
A demand curve with continuously changing slope over all quantity values will always have a price elasticity of demand equal to infinity.
Answer the following statement true (T) or false (F)
Refer to the information provided in Table 25.1 below to answer the question(s) that follow.Table 25.1
Refer to Table 25.1. The required reserve ratio is 25%. If the First Charter Bank is meeting its reserve requirement and has no excess reserves, its reserves equal
A. $100. B. $200. C. $300. D. $600.