Your textbook authors use the urban traffic example to show
A) why economics cannot explain non-financial processes.
B) how social cooperation emerges when people act under generally accepted rules.
C) how a smooth flow of traffic can only be achieved by detailed, central planning.
D) how a smooth flow of traffic can only be achieved if people drive in the public interest.
B
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Which of the following is a result of scarcity?
a. Costs are incurred in making choices. b. We attempt to utilize our resources as efficiently as possible. c. We must make choices between production possibilities. d. We are unable to produce all we would like to produce. e. All of these.
A reserve requirement of 50 percent means a money multiplier of: a. 0.50. b. 2
c. 5. d. 50.
The transactions approach to measuring money includes
A. the value of shares of stock in commercial banks. B. traveler's checks. C. government bonds. D. all of these.
A family that earns $20,000 a year pays $400 a year in taxes on clothing. A family that earns $40,000 a year pays $200 a year in taxes on clothing. The tax on clothing is
A. a progressive tax. B. a regressive tax. C. a proportional tax. D. a benefits-received tax.