The theory of consumer choice illustrates the
a. importance of property rights in creating efficient markets.
b. ability of a single economic actor to have a substantial influence on market prices.
c. the trade-offs that people face in their role as purchasers.
d. All of the above are correct.
c
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A science that studies the behavior and interactions of human beings, individually and in groups, is known as a(n)
a. social science. b. physical science. c. interactive science. d. dynamic science.
Foreign trade in goods and services typically involves paying the costs of production in one currency while receiving revenues from sales in another currency
a. True b. False Indicate whether the statement is true or false
A shift in short-run aggregate supply from SRAS2 to SRAS1 could have been the result of
A. a decrease in the price level. B. an increase in the price level. C. an increase in wage rates. D. a decrease in wage rates.
Government intervention cannot improve the allocation of resources for goods that do not have prices attached to them
a. True b. False Indicate whether the statement is true or false