Economic theory predicts that people make choices in a manner that
A) makes them well liked by others.
B) makes them better off.
C) reflects the fact that resources are unlimited.
D) shows that they do not respond to monetary incentives.
B
Economics
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The time and invested funds involved in starting a lawn-cutting business address the economic concept of
A) the marginal principle. B) the principle of diminishing returns. C) opportunity cost. D) the real-nominal principle.
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If the Fed increases the inflation rate in the short run before people's expected inflation changes, what occurs? What happens in the long run?
What will be an ideal response?
Economics