The key question, according to the textbook, for those who want to understand the vast differences in wealth among the nations of the world today is:
What will be an ideal response?
What has caused the rapid economic growth of the past two or three centuries in some countries and not others.
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Economists should consider ________ when evaluating options
A) only explicit costs and benefits B) only implicit costs and benefits C) both explicit and implicit costs and benefits D) neither explicit nor implicit costs and benefits
If there are five goods in a barter economy, one needs to know ten prices in order to exchange one good for another
If, however, there are ten goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another. A) 20 B) 25 C) 30 D) 45
A statement that "a hair stylist should not have to obtain a cosmetology license" is an example of what kind of statement?
A. Uninformed B. Biased C. Positive D. Normative
In response to the “Great Depression 2.0,” the Obama administration responded with more tax cuts, increased federal spending, and aid to state and local governments.
Answer the following statement true (T) or false (F)