Econ study

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a marginal change is one that

incrementally alters an existing plan.

Economics is best defined as the study of

how society manages its scarce resources.

Adam Smith’s phrase "invisible hand" refers to

the ability of free markets to reach desirable outcomes, despite the self-interest of market participants

Governments may intervene in a market economy in order to

protect property rights. correct a market failure due to externalities. achieve a more equal distribution of income.

If a nation has high and persistent inflation, the most likely explanation is

the central bank creating excessive amounts of money.

Which of the following describe some of the trade-offs faced by a member of Congress deciding how much to spend on national parks? Check all that apply.

Congress can spend either a small amount on a lot of parks or a large amount on a single national park. Money spent on national parks benefits park visitors, but alternatively the money could be spent on highways to benefit drivers.

Labor unions are the primary reason the standard of living in the United States has changed over time.


Who is being taxed when more money is printed?

Anyone who is holding money

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