Which of the following most accurately describes what the text says about mercantilists?
a. They tried to build up the military power of their economies.
b. They tried to produce full employment.
c. They confused gold and silver with true wealth.
d. They were merely spokesmen for special interest groups.
c. They confused gold and silver with true wealth.
Economics
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The production possibilities curve shows various combinations of two products that an economy can produce when there is full employment and economic efficiency.
a. true b. false
Economics
Which of the following are examples of situations in which the standard model of the consumer may not be realistic?
A) Impulse purchases B) Following fads and fashions instead of one's own preferences C) Addictions or other strong habits in consumption D) all of the above
Economics