Who gets scarce resources in a market economy?
a. the government
b. whoever the government decides gets them
c. whoever wants them
d. whoever is willing and able to pay the price
d
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According to this Application, the Fed started paying interest to banks on reserves. All else equal, this would tend to ________ on a bank's balance sheet
A) increase reserves B) increase loans C) increase deposits D) all of the above
The law of comparative advantages explains why
A. advanced nations will not trade with less-developed countries. B. an advanced nation will not trade with other countries. C. less-developed countries only trade among themselves. D. nations trade with each other, regardless of their relative levels of economic development. E. nations erect trade barriers.
If the aggregate demand curve shifts rightward less than expected...
What will be an ideal response?
Referring to Figure 1.5, the opportunity cost of producing the second unit of pizza is 
A. one unit of soda. B. six units of soda. C. three units of soda.