What are the two parts of the economic problem?
a. economics explains many things, but only things that are related directly to money
b. natural resources are scarce but human-made resources are not.
c. scarcity forces us to choose and choices are costly because we must give up other opportunities that we value.
d. we have unlimited wants and unlimited resources.
c
Economics
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If a particular production process is subject to diminishing marginal returns to labor at every level of output, then at every level of output
A) AC is upward sloping. B) MC exceeds AVC. C) AFC is constant. D) All of the above.
Economics
To offset increased pessimism by households, the government may _____ government spending and/or _____ taxes
Fill in the blank(s) with correct word
Economics