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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In 1933, net private domestic investment was negative $6.0 billion. This means that ________.
A. gross private domestic investment exceeded depreciation by $6.0 billion B. the production of 1933's GDP used up more capital goods than were produced in that year C. the economy was expanding in that year D. the economy produced no capital goods at all in 1933
This Application discusses the ________ and its enforcement of international trade laws
A) World Trade Organization B) General Agreement on Tariffs and Trade C) European Union D) North American Free Trade Agreement
Consider the two graphs above. Suppose that improvements in technology enable farmers to produce two or more harvests of the same crop each year. This would ________ the desired level of inventories, as depicted in graph ________
A) increase; B B) increase; A C) decrease; B D) decrease; A
Which of the following are barriers to entry?
A) economies of scale B) patents and copyrights C) control of resources D) all of the above