Every day, we make many choices. We can't avoid having to make choices because _______.
a. Our wants exceed the resources available to satisfy them.
b. We cant find enough things to do to fill our day
c. There is too much variety
d. There is too much available
e. There are too many TV channels
Answer is a. Our wants exceed the resources available to satisfy them.
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Over the next three years, the expected path of 1-year interest rates is 4, 1, and 1 percent. The expectations theory of the term structure predicts that the current interest rate on 3-year bond is
A) 1 percent. B) 2 percent. C) 3 percent. D) 4 percent.
During rush hours, long lines of traffic clog the only bridge to town. This bridge is an example of
a. market inefficiency b. obligatory controls c. a decreasing externality cost d. a pure public good e. a near public good
How does the effect of changes in foreign demand compare to the effect of changes in the foreign exchange rate?
a. Changes in foreign demand cause a shift in the aggregate demand curve, whereas changes in the foreign exchange rate cause movement along the curve. b. Changes in foreign demand shift the aggregate demand curve rightward, whereas changes in the foreign exchange rate shift the curve leftward. c. Changes in foreign demand cause movement along the aggregate demand curve, whereas changes in the foreign exchange rate cause curve shifts. d. Changes in foreign demand and changes in the foreign exchange rate can both shift the aggregate demand curve.
The production possibility curve is bowed outward from the origin because of:
A. the law of increasing opportunity costs. B. the finite nature of the resource base. C. inefficiency. D. unemployment.