What Are the 3 Propositions About Which Most Economists Agree

question 77

Multiple Choice

What are the 3 propositions about which most economists agree most often (in order from first to third) ?

• A)rent control, tariffs and quotas, and floating exchange rates
• B)tariffs and quotas, floating exchange rates, and fiscal policy
• C)rent control, fiscal policy, and tariffs and quotas
• D)fiscal policy, rent control, and floating exchange rates

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Definitions:

Scarce Resources

Raw materials, labor, and capital that are limited in availability, requiring societies to make decisions on their allocation and use.

Unit-Costs

Expenses a firm faces for producing, holding, and marketing one unit of a given product or service.

Restricts Trade

Actions or policies implemented by governments or economic entities to limit or control the exchange of goods and services across borders.

Specialization of Production

The process in which individuals, firms, or countries focus on producing a limited range of goods or services to gain economies of scale or advantages by virtue of unique skills, resources, or technology.