A characteristic of the market system is:
A. Extensive use of direct methods of production
B. A focus on labor, as opposed to capital resources
C. Reliance on the use of capital goods to expand total output
D. Avoidance of producing goods that do not satisfy consumer wants directly
Ans: C. Reliance on the use of capital goods to expand total output
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Economic advisers who fear that the economy is growing too rapidly would recommend that the government decrease spending and/or increase taxes
Indicate whether the statement is true or false
A profit-maximizing monopsonist will hire workers up to the point at which
A) W = MRP. B) MRP = MFC. C) W = MFC. D) W = MRP = MFC.
A demand shock
a. is any event that causes the aggregate demand curve to shift b. is usually caused by a change in the price level c. is usually caused by a change in real GDP d. can be traced back to a shift in the economy's production possibilities frontier e. is generally a good thing for the economy
In 2014, China had accumulated approximately $3.8 trillion worth of reserve assets. These $3.8 trillion entered into China's 2014 balance of payments in the:
a. Trade balance. b. Balance on goods and services. c. The total amount did not enter into China's balance of payments. Only changes enter the balance of payments. d. Reserve Account.