An economy is associated with every society because
a. in every society there are workers and owners of firms
b. all people enjoy consuming goods
c. the law of scarcity is universal
d. the circular flow model applies to all societies
e. economy and society are synonymous
C
You might also like to view...
Logrolling would allocate resources efficiently if everyone could participate. List and explain two reasons why we do not see logrolling in general elections
What will be an ideal response?
Selling a good abroad below the price charged in the home market is
A) a basic argument for free trade. B) the infant industry argument. C) dumping. D) a voluntary restraint agreement.
A price floor establishes a minimum price, and a price ceiling establishes a maximum price
Indicate whether the statement is true or false
The demand curve is a graphic representation of:
a. the relationship between price and quantity supplied of a certain good or service. b. the relationship between price and quantity demanded of a certain good or service. c. the relationship between supply and demand for a certain good or service. d. the relationship between productivity and quantity demanded of a certain good or service.