In a market system, self-interest motivates most people to
A) remain self-sufficient. B) avoid paying insurance premiums.
C) provide products for other people. D) rely on government central planning.
C
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In the above figure, the marginal cost of the second ton of wheat is
A) $25. B) $50. C) $75. D) none of the above
The banking system operates in such a way that in recessions, when loans (investments) are needed to stimulate economic activity, the system does not generate those loans
Indicate whether the statement is true or false
If Country A produces 7,000 units of goods and services using 700 hours of labor, and if Country B produces 5,500 units of goods and services using 500 units of labor, then productivity is lower in Country A than in Country B
a. True b. False Indicate whether the statement is true or false
Assumptions are necessary to
A. define the specific cause and effect relationship that is being explained by social sciences. B. define a set of circumstances where a model is most likely to apply. C. make economics a social science. D. define the relationship between wants and resources under all circumstances.