Economics is primarily concerned with the study of:
a. problems such as poverty and unemployment
b. limited desires pursuing unlimited resources.
c. production and distribution of goods in a world of unlimited resources.
d. production and distribution of goods in a world of limited resources.
d
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How do expectations of higher inflation become embedded in the economy and affect actual inflation?
What will be an ideal response?
If adverse selection exists in a market,
A) it increases consumer surplus but reduces producer surplus. B) it reduces consumer and producer surplus. C) it reduces producer surplus but has no impact on consumer surplus. D) it increases both consumer and producer surplus.
Which of the following is true of the long-run aggregate supply curve? a. It is vertical
b. The level of RGDP supplied does not change as the price level changes. c. The level of RGDP supplied changes with the levels of capital, land, labor, and technology available to the economy. d. all of the above
The trend of shorter working days and longer vacations is expected to reversed in most wealthy countries in the future
a. True b. False