After the terrorist attacks on September 11, 2001, the United States began devoting substantial resources toward the War on Terrorism, homeland security, and relief efforts. Use the production possibilities curve to demonstrate how this might affect the production of other goods in the United States
Increased resources devoted toward these efforts must come away from the production of other goods, reducing the production of these other goods.
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On the eve of the American Revolution, most colonials produced agricultural goods. The war boosted profits for many farmers
Indicate whether the statement is true or false
Elasticity rises as price falls along a linear, downward-sloping demand curve
a. True b. False
A scatter chart is useful when one variable is measurable and the other is not
Answer the following statement(s) true (T) or false (F)
In its most ideal form, a price system allows
A) firms to act in such a way that they eliminate scarcity. B) consumers to satisfy all their wants. C) resources to move from lower-valued uses to higher-valued uses through voluntary exchange. D) government policy makers to allocate resources to the uses which they consider to be in the best interests of society.