The invisible hand of the marketplace acts to allocate resources
a. efficiently but does not necessarily ensure that resources are allocated fairly.
b. both fairly and efficiently.
c. fairly but does not necessarily ensure that resources are allocated efficiently.
d. neither fairly nor efficiently.
Answer: a. efficiently but does not necessarily ensure that resources are allocated fairly.
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An increase in the U.S. price level, other things constant, will _____
a. increase U.S. exports and decrease U.S. imports b. increase U.S. exports and leave U.S. imports unchanged c. decrease U.S. exports and increase U.S. imports d. decrease U.S. exports and leave U.S. imports unchanged e. leave both U.S. exports and U.S. imports unchanged
An economy is producing two goods, ice cream and cookies, and is currently operating efficiently. This economy can produce more cookies if: a. it increases the price of ice cream
b. it increases the price of cookies. c. more of the economy's resources become idle. d. it produces less ice cream.
Illegal trading to evade tax
What will be an ideal response?
Assets are things of value that people own. Liabilities are debts. Therefore, a bank will always consider a checking account deposit to be an asset and a car loan to be a liability.
A. Disagree. Checking accounts represent something that the bank owes to the owner of the account. It is a bank liability B. Agree. checking accounts or something of value that is in the bank. Therefore, they are a bank asset C. Disagree. Both checking accounts and car loans represent bank liabilities