The questions that an economic system attempts to solve include
A) what to produce.
B) how to produce items.
C) for whom items are produced.
D) all of the above.
Answer: D
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It is said that a wage increase can have two opposing effects. Which of the following captures these two effects?
a. A backward-bending labor-supply curve b. A perfectly elastic labor-supply curve c. A perfectly inelastic labor-supply curve d. A perfectly elastic labor-demand curve e. A backward-bending labor-demand curve
Which of the following is true of resources?
a. Resources are inputs used to produce goods and services. b. Human resources reflect the skills and productive knowledge of human beings. c. With the passage of time, investment activities can increase the availability of resources. d. All of the above are true.
An implication of the median voter theorem is that
a. minority views and majority views are given equal weight. b. platforms of the major political parties will not differ greatly. c. the logic of democracy is fundamentally flawed. d. behavioral economics plays a significant role in voting outcomes.
Consider the following game. You pick a card from a deck and each time you select an ace, you get $260. For all other cards you must pay $13. What is the expected value of the game?
A. -$12 B. $0 C. $8 D. $32