According to an Added Perspective in the text, drawn from an article in The Economist, England's concern about coal in the 1990s is represented by which of the following questions?
a. Will coal replace oil as new coal deposits are discovered?
b. Will coal supplies be depleted within the next hundred years?
c. How much priority should be given to environmental concerns?
d. How can mining be made profitable to preserve coal miners' jobs?
e. Should the government use price controls to limit high profits?
C
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Economics is the social science that studies
A) the real reasons people buy goods and services. B) the psychology of individuals and businesses. C) whether a nation has enough natural resources. D) how people make choices to cope with scarcity. E) how choices made in the social interest could eliminate scarcity.
Assuming that the GDP breakdown shown in Table 2.1 is typical of a given year in the U.S. we can say that ________
A) we spend twice as much on goods consumption as we do on services B) consumption of durable goods is twice that of nondurables C) government purchases is the largest main component of GDP D) all of the above E) none of the above
An explanation for the low saving rate in the United States consistent with the demonstration effect includes:
A. highly-developed financial systems making it easy to buy homes with down payments under 15 percent. B. households spending beyond their means to keep up with community standards. C. large and persistent capital gains. D. relatively generous government assistance for the elderly and large down payments required for home purchases.
Budget deficits are appropriate during
A. recessions, but not inflations. B. inflations, but not recessions. C. recessions and inflations. D. neither recessions nor inflations.