The text maintains that people find the workings of the economic system bewildering, largely because
What will be an ideal response?
they notice the economy only when it's malfunctioning, but the principles by which a system works are best exposed when the system is functioning properly.
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Refer to Scenario 5.3. Based on the 10 years' past performance, what is the probability of a good year for Zowiebo?
A) 30/31 B) 1/31 C) 0.9 D) 0.1
A "bad" would be associated with:
A. zero marginal utility. B. a very small amount of marginal utility. D. positive marginal utility.
Rank the following items in terms of most liquid to least liquid.
A) checkable deposits, cash, an office building your father owns B) cash, credit card, money market mutual funds, checkable deposits C) cash, checkable deposits, savings deposits, an office building your father owns D) cash, Microsoft stock certificates you own, checkable deposits
Refer to the above figure. If the farmer is growing 8,000 bushels of beans and 8,000 bushels of wheat, then we know that
A. the farmer cannot be using the amount of land that was used to construct the curve. B. the farmer is not using resources efficiently. C. the farmer is using more land for wheat than for beans. D. the farmer should increase the amount of wheat grown and reduce the amount of beans.