When economic growth occurs it will:
a. eventually eliminate scarcity
b. shift the production possibilities curve to the left.
c. be a product of luck.
d. often result from improved technology.
d
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Money is any item that
A) serves as a medium of exchange for goods and services. B) can be converted into silver with relatively little loss in value. C) can be converted into gold with relatively little loss in value. D) facilitates a connecting link between credit instruments and debt instruments.
The principal advantage of the game theory approach is that it allows us to
a. take all possible information into consideration before developing a theory b. better understand why the firm in a competitive industry avoids games c. better understand how the government should regulate a natural monopoly d. better understand decision making when one person's choices affect another person's choices e. understand the relationship between the firm and the industry demand curves