The market system's answer to the fundamental question "How will the system accommodate change?" is essentially:
A. "Through government leadership and direction."
B. "Through the guiding function of prices and the incentive function of profits."
C. "Through training and retraining programs."
D. "Through trial and error."
Answer: B
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In both Gamma and Delta average labor productivity is $20,000 per worker per year. The population of Gamma is 200,000 and the population of Delta is 400,000. Sixty percent of the population in each country is employed. Total output in Gamma is ________ and total output in Delta is ________.
A. $8 billion; $4 billion B. $2.4 billion; $4.8 billion C. $120,000; $800,000 D. $4 billion; $8 billion
A $100 deposit into my checking account at My Bank increases my checkable deposits by $100, and the bank's ________ by $100
A) reserves B) loans C) capital D) securities
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Along budget constraint AC, the opportunity cost of one gardenburger is
A. 1/4 of a beer. B. 1 beer. C. 2 beers. D. changing as Mr. Lingle moves down his budget constraint.
Refer to the diagram. To maximize profit or minimize losses, this firm will produce:
A. K units at price C.
B. D units at price J.
C. E units at price A.
D. E units at price B.