What was/were the most enduring legacy/legacies of the 1960s according to Hughes and Cain (2011)?
(a) Medicare and the War on Poverty
(b) The violent antiwar movement
(c) The environmental, consumer and women's movements
(d) The black power movement
(c)
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Money serves as a medium of exchange when:
A. it is a basic measure of economic value. B. it is a means of holding wealth. C. it is used to purchase goods and services. D. there is direct trade of goods and services.
During an economic expansion as consumer incomes rise, holding everything else constant
A) the demand for most goods, except luxuries, will rise. B) the prices of luxuries will fall while the prices of inferior goods will rise. C) the demand for luxuries and inferior goods will rise. D) the demand for luxuries will rise while the demand for inferior goods will fall.
A society allocates its scarce resources to various uses. These scarce resources include
a. land. b. people. c. machines. d. All of the above are correct.
In 2012, the world's population surpassed
a. 3.5 billion. b. 1 billion. c. 10.5 billion. d. 7 billion.