Why is it necessary for all economic systems to not only provide people with goods and services, but also restrict them from getting as much of these goods and services as they wish?
A) Failure to do this could lead to drastic shortages of goods and services.
B) Failure to do this could reduce the efficiency of the system by producing some goods and services that are not as highly valued as others.
C) Failure to do this could reduce efficiency and lead to an inequitable allocation of output.
D) Failure to do this could lead to an inequitable allocation of goods and services produced.
B
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If an economic agent's returns to entrepreneurship is greater than his opportunity cost of entrepreneurship:
A) he will always make losses if he chooses to be an entrepreneur. B) he will most likely not choose to be an entrepreneur. C) he will always make profits if he chooses to be an entrepreneur. D) he will most likely choose to be an entrepreneur.
________ is a tendency to search for information that reaffirms individuals' own beliefs, thus entrenching them further in their own prejudices
A) Attenuation bias B) Confirmation bias C) Attentional bias D) Negativity bias
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Exhibit 14A-5 Macro AD-AS Model
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Economic growth is represented in Exhibit 14A-5 by:
A. leftward shift in the long-run aggregate supply curve (LRAS). B. inward shift of the production possibilities curve. C. rightward shift in the long-run aggregate supply curve (LRAS). D. movement along the long-run aggregate supply curve (LRAS).
"Price discrimination is the same as price differentiation." Do you agree or disagree? Why?
What will be an ideal response?