According to your text, the central economic task for a society is
A) to eliminate scarcity.
B) to assure every household gets what it needs.
C) to secure cooperation among people in using what is available to obtain what is wanted.
D) to train enough economists to ensure supplies of goods and services will successfully continue to meet demands for goods and services in the future.
C
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The underground economy—the informal sector—can be a significant drag on the economies of developing countries. Why are firms in the informal sector often less efficient than firms in the formal sector?
What will be an ideal response?
The Federal Reserve System acts as the government's fiscal agent by
A) auditing taxpayers. B) providing checking account services for the government. C) preparing the budget the President presents to Congress every year. D) determining how to finance a deficit.
Required reserves are
A. equal to total reserves minus excess reserves. B. equal to total reserves minus checkable deposits. C. always less than total reserves. D. determined by multiplying the level of checkable deposits times the discount rate.
If a person's indifference curves can be represented as a straight line, the person views the goods as
a. perfect substitutes b. perfect complements c. complements (but not perfect) d. substitutes (but not perfect)