In the year ________, for the first time in 30 years, the federal government ran a surplus
A) 1980 B) 1985 C) 1990 D) 1998
D
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What are the main influences on the quantity of real money that people and businesses plan to hold?
What will be an ideal response?
The concept of absolute advantage relies on
A) the idea of comparative advantage. B) the ability to produce more units of an item with a given amount of resources. C) the idea of opportunity cost. D) the concept of economic efficiency as measured on the production possibility curve.
Anna's Antiques expects to get three bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If three bidders show up at the auction and two of the bidders are low value, what would the winning price be?
a. Just above $100 b. $100 c. Just above $70 d. $70
Efficiency is an important social goal because:
A. movements toward economic efficiency make the total economic pie larger. B. it assures a normative outcome. C. it takes into consideration the distribution of income. D. it assures a fair outcome.