Economics can be described as the study of how people use ________ resources to satisfy ________ wants.
A. unlimited; unlimited
B. limited; limited
C. unlimited; limited
D. limited; unlimited
Answer: D
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Urbanization is measured by:
A) the ratio of the population living in urban areas to the ratio of the people living in rural areas in a country. B) the fraction of the population living in towns with a population of more than 5,000. C) the fraction of the population living in towns with a population of more than 1,000. D) the ratio of the population living in rural areas to the ratio of the people living in urban areas in a country.
If we use the numbers in the above table to draw a graph, with the price on the vertical axis and the quantity on the horizontal axis, the line relating price and quantity has a slope of
A) 0.8. B) -8.0. C) -1.25. D) 8.0.
You are shopping at the local mall with an $80 gift certificate. Only three items catch your attention. The items include a Justin Bieber sheet set, a remote control helicopter, and an "Amazing Ab Belt." You would be willing to give up $60 for the sheets, $70 for the belt, and $80 for the helicopter. Knowing this, you decide to purchase the helicopter. The opportunity cost of the helicopter was:
A. $130, the combined value of the alternatives forgone. B. $80, the amount of the gift certificate spent. C. $70, the value of the ab belt. D. $60, the value of the sheets.
The various studies of the size of the fiscal multiplier by different economists suggest
A) general agreement that the fiscal multiplier value is relatively high. B) general agreement that the fiscal multiplier value has a range between 0.8 and 1.2. C) general agreement that the fiscal multiplier value is zero. D) there is a wide range of opinion on the size of the fiscal multiplier.