The most important economic benefit from specialization is that it
A) makes it possible for an economy to begin using money.
B) leads to an increase in the standard of living in an economy.
C) makes barter possible.
D) eliminates the need for financial markets.
B
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Economics is a social science in the sense that it
A. rigorously examines human behavior. B. is not as scientific as physics. C. relies on historical data instead of mathematical data. D. relies on statistics instead of mathematics. E. All of these responses are correct.
In the diagram below, label the x-axis, the y-axis, and the origin
What will be an ideal response?
The additional goods and services produced by women in the United States as their labor force participation increases represent:
A. no change in economic activity, B. an increase in economic activity. C. a decrease in economic activity. D. a switch from market to non-market production.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.