Economics is the study of:
A. how to invest in the stock market.
B. how society uses limited resources.
C. the role of money in markets.
D. how government officials decide which goods and services are produced.
Answer: B
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The dollar price of a good relative to the average dollar price of all other goods and services is the good's:
A. nominal price B. equilibrium price C. market price D. real price
Daphne actually values her home at $250,000 but claims she values the home at $300,000. In an eminent domain situation, the government would pay Daphne ________ for her home
A) $250,000 B) $275,000 C) $300,000 D) the fair market value
If the good in the above figure is a normal good and income rises, then the new equilibrium quantity
A) is less than 300 units. B) is 300 units. C) is more than 300 units. D) could be less than, equal to, or more than 300 units.
Refer to the graph shown. What distance represents average profits?
A. BF B. AB C. FW D. AF