The concept of trade-offs would become irrelevant if
A. we were dealing with a very simple, one-person economy.
B. scarcity were eliminated.
C. poverty were eliminated.
D. capital were eliminated.
Answer: B
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Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. The opportunity cost for the United States is:
A. 5 apples for each pair of shoes. B. 5 pairs of shoes for each apple. C. 1/5 apple for each pair of shoes. D. 1 pair of shoes for every 2 apples.
Economists and accountants have very different definitions of profit
a. True b. False Indicate whether the statement is true or false
In the United States, where there is a permanent increase in the money supply, exchange rate overshooting is caused in part by:
a. higher domestic interest rates. b. an appreciation of the dollar. c. lower foreign interest rates. d. a depreciation of the dollar.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.