Guns and butter are used to represent the classic societal tradeoff between spending on
a. durable and nondurable goods.
b. imports and exports.
c. national defense and consumer goods.
d. law enforcement and agriculture.
c
Economics
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Devaluation of a domestic currency
a. is also called revaluation b. refers to an increase in a floating exchange rate c. refers to a decrease in a floating exchange rate d. refers to an increase in a fixed exchange rate e. refers to a decrease in a fixed exchange rate
Economics
Which of the following is an assumption made while constructing a production possibilities frontier [PPF]?
a. Dynamic technological know-how b. Flexible resource quality c. Fixed resource quantity d. Full and efficient use of resources e. Flexible money supply
Economics