Chapter 1 entitled "Economics: The Study of Opportunity Cost" makes the point that we
A. do not face tradeoffs because we have limited resources.
B. can avoid tradeoffs if we simply make the right decisions.
C. face tradeoffs because we have limited resources.
D. can produce all we want of everything we want if we just work harder.
Answer: C
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Ritzland produces only one good. 10,000 units of the good were produced in Ritzland during a certain year and were sold at $42 per unit. The price of each unit of the good two years back was $37
i) Find the real and nominal GDP of Ritzland taking $37 as the base price. ii) Calculate the GDP deflator for Ritzland for the year in question.
Total revenue for a seller represents the amount that:
a. sellers receive for a good or service which is computed as P ÷ Q. b. sellers receive for a good or service which is computed as P Q. c. one buyer spends on a good or service which is computed as P Q. d. one buyer spends on a good or service which is computed as P ÷ Q.
Which economic phenomenon is the short-run macro model most useful in explaining?
a. The sources of employment in the long run b. The trend of output in the long run c. The sources of cyclical unemployment d. The reasons why some workers become discouraged e. The sources of long-run economic growth
Laws that set maximum legal interest rates are called _____.
Fill in the blank(s) with the appropriate word(s).