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. |
False |
Who is being taxed when more money is printed? |
Anyone who is holding money |