A fundamental aspect of economics is to
A. analyze how choices are made.
B. make sure that we always have sufficient resources.
C. satisfy all our wants.
D. ensure that every firm makes a profit.
Answer: A
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Figure 10-8
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Figure 10-8 describes which of the following periods in the United States?
A. 1930s B. 1973–1975 C. late 1990s D. 2007–2009
Suppose that interest income is exempted from taxation, which costs the Treasury $100 billion in tax revenues, while at the same time transfer payments are reduced by $100 billion
Together, these two changes in fiscal policy ________ national saving while moving the distribution of income toward greater ________ . A) reduce, equality B) reduce, inequality C) increase, equality D) increase, inequality E) do not affect, equality
According to Keynes's absolute income hypothesis, if Record Swap store manager Brenda Nielsen and pop singer Madonna were each given $1,000,
a. Madonna would likely spend less of the $1,000 on consumption than Brenda b. Madonna would likely spend more of the $1,000 on consumption than Brenda c. Madonna and Brenda would spend equal amounts of the $1,000 on consumption d. Madonna and Brenda would save equal amounts over their lifetimes e. Neither Madonna nor Brenda would save any of the $1,000
Distinguish between invention and innovation