“The relative scarcity of resources makes the operation of any economy a matter of choosing between alternatives.” Explain
Please provide the best answer for the statement.
The fact that people cannot have as much as they want of everything requires them to make choices. There has to be some system for making these choices. For example, it may be “first come, first serve,” or a system based on power with the strongest controlling the resources, or it may be a market-based system where the primary motivation is the profit incentive.
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A smart card is the equivalent of
A) cash. B) savings bonds. C) savings deposits. D) certificates of deposit.
A decrease in the price level causes a ________ the IS curve and a ________ the aggregate demand curve
A) movement up along; movement up along B) shift to the right of; movement up along C) movement down along; movement down along D) shift to the left of; movement down along
In the short run, if a firm's total variable cost curve lies above its total revenue curve at all possible output levels, the firm's minimum short-run loss
a. equals its total fixed cost b. equals zero c. occurs at the maximum point of the total revenue curve d. occurs at the maximum point of its marginal revenue curve e. occurs at the minimum point of its marginal cost curve
What percentage of the total government expenditures of the United States is undertaken at the federal level?
a. approximately 20 percent b. approximately 40 percent c. approximately 60 percent d. approximately 80 percent