The "economic problem" is that given scarce resources, how do large societies go about answering the basic economic questions of what will be produced, how it will be produced, and who will get it.
Answer the following statement true (T) or false (F)
True
You might also like to view...
A(n) _____ arises when people purchasing a public good have an incentive to let others pay for it and then take advantage of those purchases made by others
a. free rider problem b. monopsony c. monopoly d. adverse selection
The purpose of the International Monetary Fund is to resolve trade related disputes
Indicate whether the statement is true or false
The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15. Number of Car Washes Per MonthTotal Monthly Benefit from Car Washes0$01$202$363$484$565$60 How many times a month should you get your car washed?
A. 4 B. 1 C. 3 D. 2
Which of the following will result in an increased price of milk?
A) A shift to the right of the supply curve for milk. B) A shift to the right of the demand curve for milk. C) An increase in the number of milk suppliers. D) A decrease in the number of milk buyers.