Fundamentally, economics is concerned with:
a. how scarce resources are allocated to satisfy limited wants.
b. how limited resources are allocated to satisfy scarce wants.
c. how limited resources are allocated to satisfy unlimited wants.
d. how limited wants can be used to satisfy limited resources.
c
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Answer the next question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice per Unit18$22103315441855206If year 2 is the base year, then the percentage increase in real GDP from year 2 to year 4 is ________.
A. 60% B. 100% C. 40% D. 80%
A borrower and a lender agree on a mortgage interest rate. If inflation turns out to be less than expected
A) the actual real interest rate will exceed the expected real interest rate. B) the actual real interest rate will be less than the expected real interest rate. C) the actual nominal interest rate will be higher than expected. D) the actual nominal interest rate will be less than expected.
At what quantity is Sarah Machinery indifferent between two technologies?
a. 5 b. 6 c. 7 d. 8
Because it lowers the amount of output per person, unemployment results in
a. a shift in the economy's production possibilities frontier b. increased workers' incomes c. optimism about economic growth d. a lower standard of living e. rapid inflation