"The economic wealth of this country is primarily the result of the profit made by some individuals at the expense of others." The person who made this statement
a. has failed to comprehend that mutual gains result from specialization and exchange.
b. has failed to comprehend the fallacy of composition.
c. has failed to understand the significance of the production possibilities constraint.
d. has utilized the economic way of thinking; the statement is essentially correct.
a. has failed to comprehend that mutual gains result from specialization and exchange.
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In the balance of payments, any transaction that leads to a receipt by a resident of a country is a
A) minus item. B) debit item. C) surplus item. D) deficit item.
If unemployment is the major problem in the economy, which of the following would be an appropriate monetary policy response?
a. decrease the required reserve ratio b. decrease the interest rate the Fed pays on bank reserves c. buy government bonds d. all of the above
U.S. imports are considered:
a. a credit or plus item in the U.S. balance of payments. b. a credit or minus item in the U.S. balance of payments. c. a debit or plus item in the U.S. balance of payments. d. a debit or minus item in the U.S. balance of payments.
For a monopoly, the marginal revenue curve has ________ point(s) in common with the firm's linear demand curve.
A. no B. all C. one D. indeterminate from the given information