Economics is the study of how society allocates its unlimited resources
a. True
b. False
Indicate whether the statement is true or false
False
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Social costs are
A) costs that are borne by the government. B) the full cost borne by society whenever a resource use occurs. C) borne by individuals who incur them. D) another term for external costs.
After a recent spike in violent crime, the local police department wants to spend $550,000 on a new crime fighting initiative. If a human life is worth $9 million, the crime fighting initiative is worth the cost if it reduces the risk of someone dying from crime by at least
a. 3.5 percentage points. b. 5.5 percentage points. c. 6.1 percentage points. d. 9.0 percentage points.
To offset an increased demand for its currency, a government fixing its exchange rate
A. must make it illegal to sell its currency. B. must increase the supply of the foreign currency. C. must increase the supply of its currency. D. must sell gold or some other precious metal.
When we say the cost of living has gone down, we mean that, looking broadly over a range of goods and services:
A. our income has increased to match the cost of those goods. B. a dollar buys less today than it used to buy. C. a dollar buys the same today as it used to buy. D. a dollar buys more today than it used to buy.