In general we note that inflation:
A. hurts everyone in the economy the same.
B. always decreases purchasing power.
C. hurts everyone in the economy whenever it occurs.
D. has very real costs associated with it.
Answer: D
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In chapter 1 your authors marveled at the way highway traffic is orderly and self-regulating. In chapter 6, however, they discuss a growing problem on urban roadways—congestion. What's the cause of roadway congestion?
A) Typically, road use is a scarce good with a zero price tag. B) Not enough drivers have studied economics. C) More and more drivers think only of themselves. D) Population growth
What does the word "marginal" mean in economics? What is a marginal benefit? What is a marginal cost? What is marginal analysis?
What will be an ideal response?
In the market for used cars
A) the market is efficient because the cars are bought by the people who value them the most. B) the market is inefficient because lemons drive out the high quality cars. C) no cars are sold, because people don't like buying lemons. D) Not enough information to determine.
The opportunity cost of producing a good or service is the good or service that is foregone by choosing to produce another good with the same resources in a given period of time
a. True b. False Indicate whether the statement is true or false