Studying money and banking through five core principles is helpful because:
A. studies have shown students have a difficult time remembering more than five topics.
B. money and banking can undergo drastic changes overtime, but the five principles do not.
C. everything in economics can be reduced to five core principles.
D. these five principles are understood by everyone.
Answer: B
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The price system
A) is the voluntary exchange system used in the United States. B) is old fashioned and is no longer used. C) is used only in countries that are developing. D) is used to set resource prices only.
Which of the following markets is not likely characterized by a monopolistically competitive market?
a. mobile telephone service b. auto mechanic service c. barbershops d. jewelry
The ____ Act supported union organizing while the ____ Act protected "employers' rights."
A. Wagner; Landrum-Griffin B. Landrum-Griffin; Wagner C. Taft-Hartley; Landrum-Griffin D. Wagner; Taft-Hartley
Demand and supply are terms that refer to the behavior of people and firms as they interact in markets.
a. true b. false