All economies must make decisions concerning what to produce, how to produce it, and for whom to produce.
Answer the following statement true (T) or false (F)
True
These are the basic questions of how an economy will be organized.
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Which firm is not dealing with adverse selection
a. a manufacturer requires a 90 day probationary period for new employees b. a temporary clerical agency requires a typing test c. a manufacturer requires suppliers to be ISO 9000 certified d. Smokers get the same life insurance rates as non-smokers
About how many commercial banks are operating in the United States?
A. 8,000 B. 9,000 C. 10,000 D. Over 15,000
The elasticity of demand for a normal good: a. is often higher in the short run than in the long run. b. is often lower in the short run than in the long run. c. is the same in the short run as in the long run
d. is zero in the short run and infinite in the long run.
Which of the following generates demand for foreign currencies?
A. Exports from the United States to foreign countries. B. Transfers of money from foreigners to relatives in the United States. C. The purchase by foreigners of bonds issued by the U.S. government. D. Expenditures by Americans traveling abroad.