People must make choices because
A) most people enjoy shopping.
B) of scarcity.
C) there are many goods available.
D) the question "What goods and services are produced?" is not adequately answered.
E) making choices is in the social interest.
B
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Explain the role of financial intermediation
What will be an ideal response?
The U.S. financed WWI primarily by:
a. increasing personal income taxes. b. increasing corporate taxes and luxury taxes. c. borrowing from the public. d. printing new money.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.
Price floors were established in agricultural markets for all of the following reasons except to
a. keep farmers'incomes in parity with nonagricultural workers' incomes b. prevent surpluses of agricultural goods from occurring c. counteract falling agricultural prices caused, over the long run, by technological change d. counteract the low price elasticity of demand for farm goods e. counteract the low income elasticity of demand for farm goods