The fact that our wants are unlimited but our resources are limited implies that
A. we have to make choices.
B. we should limit our wants.
C. entrepreneurship has failed as an economic system.
D. the only way to make someone better off is to make someone else worse off.
Answer: A
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The difference between technology and technological change is that
A) technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques. B) technology is carried out by firms producing physical goods but technological change is an intellectual exercise into seeking ways to improve production. C) technology involves the use of capital equipment while technological change requires the use of brain power. D) technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
The monetary policy strategy that does NOT allow the policy to focus on domestic considerations is
A) exchange-rate targeting. B) monetary targeting. C) inflation targeting. D) the implicit nominal anchor.
The existence of multiple federal bank regulatory authorities has been permitted to continue because
A) the regulators coordinate their activities well enough to avoid differences. B) different types of banks require different kinds of regulation. C) many regulatory authorities are necessary to insure the safety of depositor's funds. D) the legislative will to replace the current regulatory system has been lacking.
A direct implication of the special interest theory of government is that _____
a. political pressure from special interests pushes government to expand b. special interests get whatever they want c. special interests do not get what they want under Incrementalism d. the general public general can apply more pressure than special interests and thus will move the budget in drastic ways, depending upon public sentiment