People and organizations have to make choices about how to allocate time and money because of
a. government rules and regulations
b. corporate control of our lives
c. scarcity of time and money
d. religious values
e. unlimited resources
Answer: c. scarcity of time and money
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If real GDP grew by 5 percent during one year and population also grew by 5 percent, then
a. real GDP did not change. b. nominal GDP did not change. c. the change in real GDP equaled the change in nominal GDP. d. real GDP per capital did not change.
Describe three costs of inflation
According to the law of ______, a chocolate cake will provide less satisfaction with each successive slice consumed.
a. substitution b. income c. consumer equilibrium d. diminishing marginal utility
An event driving gasoline prices higher from 2006 to 2008 was
A. conflict in Nigeria. B. growing energy use in China and India. C. Hurricanes Katrina and Rita. D. all of the answers are correct.