The most basic investigative tool of economics is the
A. concept of scarcity.
B. mechanism of supply and demand.
C. coordination and trade syndrome.
D. inflation-unemployment trade-off.
E. regulation of business.
Answer: B
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Exporting nations often agree to voluntary export restraints in an attempt to
A) decrease inflation. B) increase global welfare. C) avoid more restrictive trade policies. D) employ more workers in the importing nation.
When production in an economy grows more quickly than the population in that economy, which of the following must be occurring?
A) Incomes are growing at a slower rate than the population. B) Real GDP per capita is rising. C) Living standards are falling. D) Real GDP is falling.
Most economists believe that the aggregate supply curve is
A) upward-sloping in the short run, but vertical in the long run. B) upward-sloping in the long run, but vertical in the short run. C) upward-sloping in both the short run and in the long run. D) vertical in both the short run and in the long run.
Generally speaking, the percent of people living in poverty in the United States is larger in the south than it is in the north
a. True b. False