Every economy must answer each of the following questions except one. Which is the exception?
a. Which goods will be produced?
b. Why are these particular goods produced?
c. Which resources should be used?
d. How should resources be combined to produce each product?
e. Who will actually consume the goods produced?
B
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The marginal utility from the first burrito Bobby consumes is larger than the marginal utility from the first taco Bobby consumes. As a result
A) tacos are an inferior good for Bobby. B) Bobby will never consume tacos. C) Bobby will consume a taco only if the price of a taco is less than the price of a burrito. D) burritos and tacos are substitute goods for Bobby.
Ceteris paribus, if the dollar appreciated in relation to a foreign currency, would the U.S. sell more goods or fewer goods to consumers in that foreign country? Why?
According to economist Schumpeter, the first step in entrepreneurial growth is:
a. little competition b. monopoly power c. zero economic profits d. creative destruction
If inflation expectations rise, the short-run Phillips curve shifts
a. right, so that at any unemployment rate inflation is higher in the short run than before. b. left, so that at any unemployment rate inflation is higher in the short run the before. c. right, so that at any unemployment rate inflation is lower in the short run than before. d. left, so that at any unemployment rate inflation is lower in the short run than before.