In the text, economics is defined as the science of
a. money and business.
b. choices.
c. scarcity.
d. price.
e. individuals' actions.
Answer: c. scarcity.
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Human capital is
A. how firms use more humans than machines in the production process. B. the accumulation of investments that make people more productive. C. more costly than other forms of capital. D. none of these answer options are correct.
Which of the following is a primary product?
a. Tomato sauce b. Chocolate bars c. Salt d. Breakfast cereal e. A desk
In the short-run, profits will only exist for monopolistically competitive firms
Indicate whether the statement is true or false
Assume the federal government collects $20 billion in taxes and spends them on the public. If the money multiplier is 2.5, bank reserves
A) and the money supply still increase by only $20 billion. B) increase by $20 billion and the money supply increase by $50 billion. C) and the money supply both increase by $50 billion. D) and the money supply are unaffected.