What is economics?
a. study the market changes
b. study money
c. study how to efficiently allocate scarce resources to maximize societal goals.
d. study recession and boom
e. study supply and demand
c. study how to efficiently allocate scarce resources to maximize societal goals.
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In the language of economics, the environment is considered a ___________, a good we have to protect
a. Personal good b. Community good c. Natural good d. Aggregate good
As long as the discount rate is ________ the interest rate on a loan, the present value of the cost of an investment equals the initial cost of the investment.
A) equal to B) less than C) exactly double D) greater than
For the period 1961 to 1969, the Phillips curve for the United States displayed the same shape that A. W. Phillips found for the United Kingdom for the period 1861 to 1913---it was
A) horizontal. B) vertical. C) downward sloping. D) upward sloping.
When a nation totally bans trade with another country, it is imposing a(n):
A. tariff. B. embargo. C. quota. D. trade tax.