If you are really poor, often your only credit option may be ________________.
Fill in the blank(s) with the appropriate word(s).
fringe lending
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Which of the following is assumed in virtually every economic model?
a. Inefficiency exists in the economy. b. Decision makers operate in the face of unlimited resources. c. All decision makers face constraints. d. Normative economic statements are derived from mathematical equations. e. Positive statements are derived from normative statements.
Why does increased productivity lead to sustained economic growth?
a. Increased productivity means that a population, and thus the labor supply, has increased. b. Increased productivity means a given amount of resources can be used to produce more. c. Greater productivity means a nation has adopted more sustainable practices. d. Once increased, productivity cannot decline, meaning its results are sustainable.
A natural monopoly arises when:
A. economies of scale are so great that only one firm can exist in a market. B. a firm acquires a patent. C. two firms merge to become the only firm serving an entire market. D. a single firm controls all of a natural resource.
The value of the slope of a society's production possibility frontier is called its
A. unemployment rate. B. marginal rate of substitution. C. inflation rate. D. marginal rate of transformation.