Higher standards of living are the result of
What will be an ideal response?
an increase in the availability of goods and services that people value.
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"Even though we can convert them into money, deposits at banks are not money." Is the previous statement correct or not?
What will be an ideal response?
We cannot predict the effect on the equilibrium quantity, but know that the market clearing price will increase when
A) supply decreases and at the same time demand increases. B) supply increases and demand increases simultaneously. C) supply and demand decreases simultaneously. D) supply and demand increases simultaneously.
An economic boom experienced during a certain year in a country that increases actual GDP beyond potential GDP will result in: a. unemployment
b. inflation. c. deflation. d. increased fiscal spending.
Referring to Figure 1.5, the opportunity cost of producing the second unit of pizza is 
A. one unit of soda. B. six units of soda. C. three units of soda.