Why do both households and societies face many decisions?
a) because resources are scarce
b) because populations may increase or decrease over time
c) because wages for households and therefore society fluctuate with business cycles
d) because people, by nature, tend to disagree
Answer: a) because resources are scarce
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The sequence of events following an increase in the federal deficit would be higher interest rates, a(n)
A. depreciating dollar, and a larger current account deficit. B. depreciating dollar, and a smaller current account deficit. C. appreciating dollar, and a larger current account deficit. D. appreciating dollar, and a smaller current account deficit.
For a given supply elasticity, the more inelastic the demand for a good, the larger the share of the tax paid by the
A) buyers. B) sellers. C) participants other than the buyers and sellers. D) government. E) None of the above answers is correct.
Which of the following is not a phase of the business cycle?
a. peak. b. trough. c. compression. d. expansion.
Oligopoly is characterized by
A. identical products only. B. differentiated products only. C. high barriers to entry. D. many firms.