List three key reasons to study economics
What will be an ideal response?
(1.) Learn a way of thinking.
(2.) Understand society.
(3.) Be an informed citizen.
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Which of these curves shows a more unequal distribution of income?
a. Curve A b. Curve B c .Curve C
An important function of secondary markets is to
A) make it easier to sell financial instruments to raise funds. B) raise funds for corporations through the sale of securities. C) make it easier for governments to raise taxes. D) create a market for newly constructed houses.
Economists assume people behave rationally, which means that people
A) never make a mistake. B) do not intentionally make decisions that make themselves worse off. C) have the necessary information to always make correct decisions. D) always understand the consequences of their decisions.
Which of the following statements provides the most accurate description of the employment growth rate in various sectors of the economy between 1860-1910?
a. All major sectors grew with the exception of agriculture and construction. b. All major sectors grew, and agriculture grew the most. c. The manufacturing sector grew the most, followed by railroads, but agricultural employment decreased. d. All major sectors grew, and railroads grew the most.