The fundamental reason to study economics is to study
a. how choices are made.
b. how production is determined.
c. how countries trade with each other.
d. how finances are determined.
a. how choices are made.
You might also like to view...
On a Phillips curve diagram, a decrease in the rate of inflation, other things being equal, is represented by a(n):
a. upward shift of the Phillips curve. b. downward movement along Phillips curve. c. upward movement along the Phillips curve. d. downward shift of the Phillips curve.
Libertarians believe that
a. the government should choose just policies as evaluated by an impartial observer behind a "veil of ignorance.". b. the government should aim to maximize the well-being of the worst-off person in society. c. everyone in society should have equal utility. d. the government should not redistribute income.
When the price level falls, the number of dollars needed to buy a representative basket of goods
a. increases, so the value of money rises. b. increases, so the value of money falls. c. decreases, so the value of money rises. d. decreases, so the value of money falls.
Summing all of the costs that do NOT change as output varies yields
A) variable costs. B) fixed costs. C) implicit costs. D) explicit costs.