Economic resources are
A) all the items that people would purchase if they had limited wants.
B) all the unlimited items that people would purchase with limited income.
C) items of value that are used to make other things that satisfy people's wants.
D) the total planned expenditures throughout the nation.
C
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Refer to Figure 7-2. The loss in domestic consumer surplus as a result of the tariff is equal to
A) $5 million. B) $19.875 million. C) $24.875 million. D) $31.125 million.
According to the text, the _______________ is currently the primary reserve currency
A) Chinese renmimbi B) euro C) U.S. dollar D) Japanese yen E) British pound
According to Keynesian analysis, if government expenditures and taxes are increased by the same amount, which of the following will occur?
A) Aggregate supply will decrease B) Aggregate supply will increase C) Aggregate demand will be unaffected D) Aggregate demand will decrease E) Aggregate demand will increase
A tariff has the effect of granting ____ a larger share of the domestic market.
A. domestic consumers B. foreign consumers C. domestic producers D. foreign producers