Economics is the social science that studies
A) the real reasons people buy goods and services.
B) the psychology of individuals and businesses.
C) whether a nation has enough natural resources.
D) how people make choices to cope with scarcity.
E) how choices made in the social interest could eliminate scarcity.
Answer: D) how people make choices to cope with scarcity.
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A program of protection that results in preserving jobs in certain industries
a. maintains full employment at lower cost than any other program or policy. b. lowers average pay in the protected industries. c. improves living standards for the average person in that country. d. often does so at a cost that is much higher than the average income of persons in those industries.
During the twentieth century, the real income of the average American grew by a factor of more than seven.
Answer the following statement true (T) or false (F)
Which of the following is not true of over-the-counter markets?
A. Traders are willing to buy and sell stocks and bonds at posted prices. B. Traders are linked by computer. C. Dealers buy and sell only for their customers. D. Trading does not take place in one physical location.
Exhibit 4-3 Supply and demand curves
In Exhibit 4-3, which of the following might cause a shift from S2 to S1?
A. A decrease in input prices. B. A decrease in technology. C. An increase in input prices. D. An increase in consumer income.