Economics is the study of how ________ manages its ________ resources to satisfy its wants
A) society; unlimited
B) society; scarce
C) a household; unlimited
D) a household; scarce
B
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The focus of policy in the 1990s was
A) increasing trade. B) increasing employment. C) maintaining stable exchange rates. D) holding down inflation and increasing domestic output. E) levying beggar-thy-neighbor tariffs.
Pharmaceutical companies receive patents as an exclusive right to produce a drug. This results in
a. normal profits on the patented drug. b. monopoly status in the production of the drug. c. lower prices for patients requiring the drug. d. orphan drug status. e. fewer new chemical compounds discovered.
In the classical model, the supply of funds to the loanable funds market comes from
a. household saving and the government's budget surplus, if any b. net taxes c. household saving and the government budget deficit, if any d. planned investment e. total income
Higher inflation is particularly damaging to the real value of
A) wages. B) financial assets. C) physical assets. D) government tax revenues.