Which of the following best describes the three fundamental economic questions?
a. hat to produce, when to produce, and where to produce.
b. What time to produce, what place to produce, and how to produce.
c. What to produce, when to produce, and for whom to produce
d. What to produce, how to produce, and for whom to produce.
d
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When the value of nominal GDP increases from one year to the next, we know that one or two things must have happened during that time:
A) The nation produced fewer goods and services and/or prices fell for goods and services. B) Consumption expenditure increased and/or corporate profits increased. C) Investment increased and/or payments to employees increased. D) The nation produced more goods and services and/or prices rose for goods and services. E) the value of real GDP must have increased and/or the price level must have decreased.
If the fixed costs are relatively small, a relatively good approximation to the correct transfer price is
a. average costs b. average fixed costs c. average variable costs d. the market price
The bank's statement of liabilities (what it owes) and assets (what it owns) is known as the
a. legal reserve requirement b. fractional reserve system c. federal funds rate d. money creation account e. balance sheet
According to the U.S. Secret Service, approximately $2.6 billion of U.S. paper currency in circulation is counterfeit. Undetected counterfeit U.S. currency being held by the public both at home and abroad will impact the level of:
A. the reserve ratio. B. the money multiplier. C. M1. D. commodity money.