The fundamental reason to study economics is to study
a. how choices are made.
b. how production is determined.
c. how countries trade with each other.
d. how finances are determined.
a. how choices are made.
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Public franchises create monopolies by restricting
A) demand. B) prices. C) entry. D) profit.
In September of 2007, the Federal Reserve Board Open Market Committee voted to lower interest rates for the first time that year. Explain how lower interest rates affect the aggregate demand curve
What will be an ideal response?
The U.S. demand for foreign cars has increased dramatically since the early 1900s because
(a) Americans perceive foreign cars as lower quality cars than U.S.-produced cars. (b) foreign producers are manufacturing relatively fuel-efficient cars. (c) U.S. consumer demand for large, fuel inefficient cars has increased. (d) of all of the above reasons.
One reason earnings tend to fall before retirement age is that
A) the experience of people is no longer valuable after they are 50 or 55. B) people tend to reduce the number of hours they work after age 50. C) people are retiring earlier. D) firms discriminate against older workers.