Because of scarcity,
A.) choices must be made.
B.) there are not enough goods and services to satisfy everyone.
C.) there are plenty of goods to go around.
D.) Both A and B are true.
D.) Both A and B are true.
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The existence of income transfer programs is likely to
A. Change the distribution of income but not the mix of output. B. Result in recipients having fewer children. C. Discourage people from overusing health care services. D. Decrease the supply of labor.
You own a business that answers telephone calls for physicians after their offices close. You have an incentive to substitute capital for labor if the
A) marginal product of labor increases. B) price of labor increases. C) price of capital increases. D) price of labor decreases.
The concept of money as a "unit of account" involves the use of money to
a. speed transactions. b. reduce shopping time. c. protect against inflation. d. quote prices.
According to a 1977 amendment to the Federal Reserve Act of 1913, what are the goals the Fed should promote?