The fundamental goal of economics is to
a. allow everyone to have five yachts and two automobiles.
b. redistribute income and eliminate poverty.
c. reduce unemployment so that lower welfare payments are necessary.
d. learn to cope with the scarcity of virtually all resources.
d
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Which of the following is an example of trade policy at the regional level?
a. Congress passing legislation to prevent dumping. b. The European Union adopting a common currency c. The World Trade Organization holding a round of negotiations in France. d. The General Agreement on Tariffs and Trade being made.
Refer to the graph shown. The equilibrium quantity for the monopolistically competitive firm represented is:
A. 70. B. 30. C. 50. D. 60.
How is utility defined?
A. ease of use B. government provided goods like electricity C. the satisfaction experienced from consuming a good D. the change in benefit from producing one additional unit of a good
Mike has been unemployed for over a year. He hasn't looked for a job in the last three months, but he's just started looking for work again. Because Mike started looking for a new job
A) the unemployment rate increased. B) the labor force participation rate decreased. C) the unemployment rate decreased. D) the working-age population increased.