Economics is the study of
A. why some people want certain goods and services.
B. the allocation of scarce resources to satisfy unlimited wants.
C. ways to use fewer resources.
D. earning the most income.
Answer: B
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What is the national security argument for restricting international trade? What is its flaw?
What will be an ideal response?
Average total costs are defined as
A) total costs divided by the change in output. B) total costs divided by output. C) the change in total costs when output changes. D) average variable costs plus marginal costs.
Automatic stabilizers will reduce tax revenues during recessions and increase tax revenues during periods of strong economic growth.
Answer the following statement true (T) or false (F)
How would the opening of trade affect the incomes of workers in the U.S. and China? Use the case studies in the chapter on U.S. trade with China to support your answer
What will be an ideal response?