The central question in economics is how to
a. make the best use of scarce resources.
b. use government planning agencies.
c. induce people to want less.
d. increase human knowledge.
a
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An example of fixed investment spending for a business is
A) a purchase of a home by a household. B) a purchase of a pizza oven by an Italian restaurant. C) a purchase of a corporate bond by Google. D) $15 million of unsold furniture at a furniture store.
The GDP price index
A) can be interpreted as 100 multiplied by real GDP divided by nominal GDP. B) is the difference between nominal GDP and real GDP. C) measures the average price level. D) can be interpreted as real GDP minus nominal GDP and the resulting difference then multiplied by 100. E) is equal to between real GDP minus nominal GDP.
The equity of a tax system concerns whether the tax burden is distributed equally among the population
a. True b. False Indicate whether the statement is true or false
If the social costs of an economic activity are $200 and the private costs are $200, then the external costs of the activity are ________, and market failure ________.
A. $0; does not occur B. $400; occurs C. $400; does not occur D. $0; occurs