Which of the following best describes the reason for studying economics?
a. Studying economics helps individuals, businesses, and governments make the best decisions.
b. Studying economics helps individuals, businesses and governments understand the financial problems facing the world today.
c. Studying economics gives businesses and governments the answers to economic problems.
d. Studying economics only helps governments understand the major problems facing the world today.
a. Studying economics helps individuals, businesses, and governments make the best decisions.
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Why does the opportunity cost of producing a good rise as more resources are devoted to producing that good?
What will be an ideal response?
Refer to Figure 10.3. A positive demand shock accompanied by a decrease in the real interest rate is best represented by ________ in panel (a) and ________ in panel (b)
A) a shift from AE2 to AE3; a movement from point B to point C B) a shift from AE3 to AE2; a shift from IS2 to IS1 C) a shift from AE1 to AE2; a movement from point A to point B D) a shift from AE1 to AE3; a movement from point A to point C