Economics is a social science that involves the study of how individuals
A) develop their tastes and preferences.
B) maximize their wealth.
C) define happiness.
D) choose among alternatives to satisfy their unlimited wants.
D
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An economy's resources include
A) raw materials. B) factories and machinery. C) human knowledge. D) all of the above
Unanticipated moral hazard contingencies can be reduced by
A) screening. B) long-term customer relationships. C) specialization in lending. D) credit rationing.
If input prices for a perfectly competitive firm increase as the output of the industry expand in the long run, the long-run industry supply curve will:
a. have a positive slope. b. have a negative slope. c. be perfectly horizontal. d. be perfectly vertical.
The money rate of interest that lenders pay for borrowed funds minus the real rate of interest equals the
a. nominal rate of interest. b. present value of an asset. c. inflationary premium. d. productivity of capital.