Economics teaches us that
a. every choice has costs associated with it because resources are scarce.
b. if all resources were abundant there would be no need to economize or to agonize over decisions.
c. judgements have to be made as to the best means to obtain a desired objective.
d. All of the above.
d. All of the above.
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The U.S. Postal Service has a monopoly over first-class mail service because
A) the government has granted this agency a public franchise. B) stamps are copyrighted. C) stamps are trademarked. D) stamps are patented. E) it owns a vital resource, namely all mailboxes.
"As long as supply-side effects are ignored, the balanced budget multiplier is equal to zero." Is the previous statement correct or incorrect? Define the balanced budget multiplier and then explain your answer
What will be an ideal response?
Keynesian and classical theories agree that:
a. AS is upward sloping in the short-run. b. AS is vertical in the long-run. c. sustained AD shocks can also shift AS in the long-run. d. all of the above.
If the interest rate is 10 percent and a business pays $100,000 for a lease on a factory, the explicit costs are
A) $110,000. B) $10,000. C) $100,000. D) $90,000.