The question "Should more capital goods be produced instead of consumer goods?" is an example of which fundamental economic question?
A. The What to Produce question.
B. The Why to Produce question.
C. The How to Produce question.
D. The For Whom to Produce question.
Answer: A
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If the Federal Reserve raises its target inflation rate, the monetary policy reaction function ________ and the aggregate demand curve ________.
A. shifts upward to the left; shifts to the right B. shifts downward to the right; shifts to the left C. shifts downward to the right; shifts to the right D. shifts upward to the left; shifts to the left
Three firms agree to operate as a monopoly and charge the monopoly price of $100 for their product and (jointly) produce the monopoly quantity of 20,000 units. If the competitive price for the product is $35, under the Clayton Act these three firms face treble damages of ______
A) $1,300,000 B) $3,900,000 C) $3,000,000 D) $1,000,
Economists report changes in unemployment in:
A. percentage points, not percentages. B. percentages, not percentage points. C. percentage points or percentages, interchangeably. D. nominal figures; they rarely use percentages or percentage point changes.
Combined, local, state, and federal governments in the United States directly employ about ________ percent of all workers.
A. 2 B. 6 C. 14 D. 27