Economics is the study of how individuals, businesses, and governments make decisions and make trade-offs in the face of scarce resources.
Answer the following statement true (T) or false (F)
True
Economics is the study of how individuals businesses and governments make decisions and trade-offs in the face of scarce resources.
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The market where one currency is converted into another currency is called the ________ market
A) stock B) bond C) derivatives D) foreign exchange
If an economy is closed and if it has no government, then
a. national saving = 0. b. national saving = private saving. c. public saving = investment. d. gross domestic product = consumption.
Several students had the idea that they could get rich if they opened a dating service on campus. Others were skeptical that the information on those services is either not true or exaggerated but the enterprising students tell them a campus based system will be much more reliable. This claim
A. does not make sense because college students are risk lovers by nature and would make false claims. B. is false because the stigma of the newcomer will exclude freshman from the service. C. makes sense because a campus has many close relationships so exaggerated claims would be easily exposed. D. makes sense because college students are risk averse by nature and would not make claims that could get them in trouble.
In the market system, prices tend to guide resources from less important to more important uses.
Answer the following statement true (T) or false (F)