In real life, people's behavior is constrained by:
A. laws of nature.
B. costs of various actions.
C. legislated rules of society.
D. All of these are rules that constrain people's behavior.
Answer: D
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Which of the following is a reason why firms may be more efficient than markets as coordinators of economic activity?
A) economies of scale and scope B) lower transactions costs C) economies of team production D) all of the above
Job openings are plentiful when the
A) actual real GDP is above the natural real GDP. B) natural real GDP is above the actual real GDP. C) natural real GDP is increasing rapidly. D) None of the above.
Using a production possibilities curve, a technological advance that increases the amount of output for both goods while using the same amount of inputs would be illustrated by which of the following?
What will be an ideal response?
Which of the following is true about a competitive market supply curve?
A. It is vertical. B. It is horizontal. C. It is downward-sloping to the right. D. It is the sum of the marginal cost curves of all firms.