Answer the following statements true (T) or false (F)
1. The budget line shows the various incomes that an individual can earn from different jobs.
2. The fundamental economic problem faced by a society is that productive resources are so varied and versatile, that it is hard to decide what to do with them.
3. The resource category called "land" includes forests, animals, and water resources.
4. When economists talk about the capital resources in the economy, they are referring to the amount of money circulating in the economy.
1. Answer: False
2. Answer: False
3. Answer: True
4. Answer: False
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Unlike the market process, in the political market it is possible for some individuals to receive very large benefits from the political process without any significant impact on their tax bills
Indicate whether the statement is true or false
In the United States, the lender of last resort is
A) Fannie Mae. B) the Federal Reserve. C) the Federal Deposit Insurance Corporation. D) Securities and Exchange Commission.