The best definition of economics is
A) how choices are made under conditions of scarcity.
B) how money is used.
C) how goods and services are produced.
D) how businesses maximize profits.
A
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If the dollar is overvalued against the peso, it implies that:
A) the exchange rate between the dollar and the peso is flexible. B) the quantity of dollar supplied in exchange of pesos equals the quantity of dollars demanded in exchange of pesos in the foreign exchange market. C) the quantity of dollar supplied in exchange of pesos exceeds the quantity of dollars demanded in exchange of pesos in the foreign exchange market. D) the quantity of dollar supplied in exchange of pesos is less than the quantity of dollars demanded in exchange of pesos in the foreign exchange market.
The Occupational Safety and Health Administration (OSHA) attempts to stop safety violations in business through inspections and fines. Though workers are supposed to earn a premium wage for working in more risky environment, the OSHA inspections may be a good idea because
A. employees may already understand the risks that they are exposed to on the job. B. there are never any societal costs or externalities to dangerous working conditions. C. employees might not have good information about the level of danger. D. inspections and fines may raise the cost of production significantly.