Which of the following is related to the concept of trade-off used in economics?
a. Paying tuition to attend college
b. Paying a high price for a movie ticket on the first day of screening
c. Not having enough information available to make a rational decision
d. Giving up one good or activity in order to obtain some other good or activity
e. Having your cake and eating it too
d
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Distinguish among public goods, private goods, common resources, and natural monopoly goods
What will be an ideal response?
Which of the following best describes the federal budget during the 1990s?
A. The relative size of the deficit fell. B. There was a steady downward trend in the relative size of the deficit. C. The absolute size of the deficit fell. D. The absolute size of the debt grew to over $5 trillion.
Large income differences will be eradicated if the market mechanism is working well.
Answer the following statement true (T) or false (F)
The business cycle dating committee determines when peaks and troughs occur by looking at
A. mainly at real GDP figures. B. mainly at the unemployment rate. C. data from our economy and comparing it to data from other major nations. D. mainly at employment, industrial production, personal income, and manufacturing and trade revenue.