Which one of the following states a central element of the economic way of thinking?
What will be an ideal response?
Incentives matter—human choice is influenced in predictable ways by changes in personal costs and benefits.
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Fill in the blank: In the economic way of thinking, ________ are the key to help people coordinate production and consumption plans
A) abundant levels of natural resources B) well-meaning and inspired economic planners C) market-formed prices D) years of training in economic theory
What are the types of institution banks used to conduct foreign business?
A) corporations B) central banks C) commercial banks D) agency offices, subsidiary banks, and foreign branches E) state-owned enterprises
The United States was running a large balance-of-trade deficit
a. during the Depression years of the 1930's. b. in the years following World War II. c. in the early 1960's. d. from the late 1970's through the 1990's.
Which of the following is not correct?
a. Economists use some familiar words in specialized ways. b. Economics has its own language and its own way of thinking, but few other fields of study do. c. Supply, demand, elasticity, comparative advantage, consumer surplus, and deadweight loss are all terms that are part of the economist's language. d. The value of the economist's language lies in its ability to provide you with a new and useful way of thinking about the world in which you live.