Which of the following is one of the fundamental economic questions every economy must ask?
a. What is the best method of production?
b. Why will goods and services be produced?
c. Where will goods and services be produced?
d. What goods and services will be produced?
d. What goods and services will be produced?
You might also like to view...
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
If Nations Quirk and Turk only produce aluminum or oil, the table below shows the maximum output of each nation. Output (units)NationsAluminumOilQuirk2040Turk3090Which one of the following terms of trade is most likely to produce mutually beneficial exchange between the two nations?
A. 1 unit of oil for 0.4 unit of aluminum B. 0.5 unit of oil for 2 units of aluminum C. 0.5 unit of oil for 1 unit of aluminum D. 1 unit of oil for 4 units of aluminum
Describe each of the following as a positive demand shock, a negative demand shock, a positive supply shock, or a negative supply shock, and specify how each are represented on the Phillips curve
a. a sudden increase in oil prices b. a large increase in spending on residential construction c. a sudden decrease in household wealth resulting from a stock market crash d. a substantial increase in productivity following technological advancements
Involuntary transfers are the type of transfers used in the case against government
Indicate whether the statement is true or false