A) They have the talent required to dream up a new product or find a better way to produce an existing one.
B) They are rewarded by profits.
C) They increase the unemployment rate.
D) They benefit from what's left over after paying other resource suppliers.
F) B) and C)
Correct Answer
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Correct Answer
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A) an investigation of the quantities and prices of the various goods produced by the nations of the world
B) a study of why inflation and unemployment periodically plague the Canadian economy
C) an analysis of how individuals and societies deal with the problem of scarcity
D) an examination of the role of money in the economy
F) B) and C)
Correct Answer
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Correct Answer
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A) If the money supply falls, interest rates will rise.
B) Teenage unemployment would decline if the minimum wage is eliminated.
C) The quantity of shirts sold increases as the price of shirts decreases.
D) The federal government's total spending should be reduced.
F) A) and C)
Correct Answer
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Correct Answer
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A) Workers with families should be paid at least the minimum wage.
B) If crime rates were reduced, the world would be a better place in which to live.
C) Marginal tax rates should be reduced for individuals in the highest tax brackets.
D) An increase in the price of gasoline will cause a reduction in the amount purchased.
F) A) and B)
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Correct Answer
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A) the buildings, equipment, and human skills used to produce goods and services
B) the time and the physical and mental efforts used to produce goods and services
C) the imagination required to develop a new product or process
D) all gifts of nature used to produce goods and services NOT considered scarce because they are NOT produced by society
F) A) and C)
Correct Answer
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Correct Answer
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A) the study of how individuals decide to use scarce resources in an attempt to satisfy their unlimited wants
B) the study of how to make money
C) the study of how the government should deal with unemployment and inflation
D) the study of how to run a business
F) A) and D)
Correct Answer
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Correct Answer
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A) that the simplest model is the best predictor
B) that Event B, which follows event A, was caused by event A
C) that Event B, which follows event A, was NOT necessarily caused by event A
D) that what is true for the individual is also true for the group
F) A) and C)
Correct Answer
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Correct Answer
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A) a normative statement
B) a positive statement
C) a forecast
D) a hypothesis
F) A) and B)
Correct Answer
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Correct Answer
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