Trade-offs force society to make choices when answering what three fundamental questions?
What will be an ideal response?
1. What goods and services will be produced?
2. How will the goods and services be produced?
3. Who will receive the goods and services produced?
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Which of the following is most likely to indicate a statistically significant regression coefficient?
A) |t| > R2 B) R2 > .90 C) |t| > 2 D) |t| > 4
Every unit of good x that is produced in the United States is exported to other countries. An increase in the price of good x shows up
a. in the consumer price index and in the GDP deflator. b. in the consumer price index, but not in the GDP deflator. c. in the GDP deflator, but not in the consumer price index. d. in neither the consumer price index nor in the GDP deflator.
Which of the following is true when collective decision making is utilized to resolve economic questions regarding the allocation of resources?
What will be an ideal response?
A group of countries that allows free trade among its members and puts up common barriers against all other countries' goods is called:
A. an autarky. B. a tariff-free zone. C. a most-favored-nation agreement. D. a free trade association.