The primary purpose of economics is to understand how people make
A. a comfortable living.
B. money.
C. choices.
D. mistakes.
Answer: C
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Although economic science can contribute theoretical and factual knowledge on a particular issue, the final decision on policy questions often depends on
A. information that is not currently available. B. social judgments. C. ethical norms. D. All of these responses are correct.
Ceteris paribus, if the Fed raises the reserve requirement, then:
A. The money multiplier increases. B. The lending capacity of the banking system decreases. C. Excess reserves increase. D. Required reserves decrease.
American poverty is more about absolute deprivation, and poverty in the rest of the world is more about relative deprivation.
Answer the following statement true (T) or false (F)
Marginal cost for an information product would
A. remain constant as quantity increases. B. first decrease and then increase as quantity increases. C. increase constantly as quantity increases. D. decrease constantly as quantity increases.