Briefly explain why people make choices
What will be an ideal response?
People make choices because of scarcity. Scarcity exists because resources are insufficient to satisfy people's every desire.
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If interest rates in the United States rise,
A) the value of the dollar will rise as the foreign investors increase their holdings of U.S. investments. B) the value of the dollar will fall as foreign investors increase their holdings of U.S. investments. C) the value of the dollar will rise as foreign investors sell their U.S. investments. D) the value of the dollar will fall as foreign investors sell their U.S. investments.
The most volatile component of total investment spending is ________
A) construction spending by firms B) spending by firms on equipment C) residential construction by households D) inventory investment
An isoquant represents levels of capital and labor that
A) have constant marginal productivity. B) yield the same level of output. C) incur the same total cost. D) All of the above.
A duopoly is
a. a cartel in which all members try to cheat on the cartel. b. an industry with only two sellers. c. an industry with only two buyers. d. a cartel with only two members.