Using economic analysis to help understand world issues
a. assumes that all decision makers use detailed economic analysis
b. highlights the role of choice when resources are scarce
c. has unlimited application
d. is not appropriate because reality is too complex for economic modeling
e. typically enables one nation to gain only when another nation loses
B
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Which of the following sequences accurately describes the evolution of the payments system?
A) barter, coins made of precious metals, paper currency, checks, electronic funds transfers B) barter, coins made of precious metals, checks, paper currency, electronic funds transfers C) barter, checks, paper currency, coins made of precious metals, electronic funds transfers D) barter, checks, paper currency, electronic funds transfers
Price ____ occurs when producers charge different customers different prices for the same good or service
a. maximization b. discrimination c. regulation d. management