Economics is the study of
A) how to get rich.
B) how people allocate their limited resources to satisfy their unlimited wants.
C) how people spend their income.
D) why people want certain goods and services rather than other goods and services.
Answer: B
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Based on the above table, an open market operation in which the Fed purchased $100,000 of government securities would
A) lead to a maximum potential expansion of the money supply of $1 million. B) create a reserve deficiency for the banking system. C) cause demand deposits to fall by $100,000. D) lead to a maximum potential expansion of the money supply of $100,000.
Refer to the above figure. At a price of $10, excess quantity supplied equals
A) 0. B) 12. C) 15. D) infinity.
If Bob can complete mathematics homework assignments at a lower opportunity cost than Jane can accomplish, then Bob has ________ in completing mathematics homework assignments.
A. an absolute advantage B. a relative disadvantage C. a complete advantage D. a comparative advantage
What factors explain why there has been a decline in the political support for agricultural subsidies in recent years?
What will be an ideal response?