You decide whether to eat one more slice of cheesecake based on how hungry you feel. Which economic principle does this statement BEST represent?
a. The true cost of something is its opportunity cost.
b. People respond to incentives, exploiting opportunities to make themselves better off.
c. Choices are necessary because resources are scarce.
d. “How much” is a decision at the margin.
d. “How much” is a decision at the margin.
Economics
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The curve that shows the relationship between net exports and the real exchange rate is:
A) upward sloping. B) horizontal. C) downward sloping. D) vertical.
Economics
Which of the following was not a major source of economic growth in the 1920s?
a. construction of residential housing b. production of consumer durables c. railroad construction d. automobile production
Economics