In the last 250 years the U.S. economy has succeeded in

What will be an ideal response?


relaxing the grip of scarcity and improving the quality of life.

Economics

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The president of which Federal Reserve Bank is always a voting member of the FOMC? Why?

What will be an ideal response?

Economics

Using graphs to illustrate the concepts, absolute advantage

A. is shown with differences in slope of a production possibilities curve; comparative advantage is shown with a lower curve. B. requires a very steep curve; comparative advantage requires a curve with a shallow slope. C. on one good requires that the slope of the production possibilities curve be steeper for that good. D. is shown with a higher production possibilities curve; comparative advantage is shown with differences in slope of the curves.

Economics

Explain how money solves the problem of the "double coincidence of wants."

What will be an ideal response?

Economics

A nation can produce two products: tanks and autos. The table below is the nation's production possibilities:



Refer to the above table. The marginal opportunity cost of the fourth unit of tanks is:

A. 4 units of tanks
B. 300 units of autos
C. 350 units of autos
D. 1000 units of autos

Economics