All economic systems must answer certain fundamental economic questions. Which is not one of these questions?
A. Who is to receive the output?
B. What goods and services will be produced?
C. How will the goods and services be produced?
D. Which actions should government take to reduce inflation?
Answer: D
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In the above figure, Sheryl's monthly budget line for movies and plays shifted, as shown. The shift in the budget line is parallel, so the shift might be because
A) the price of a movie fell and nothing else changed. B) the price of a play fell and nothing else changed. C) Sheryl's income decreased and nothing else changed. D) Sheryl's income increased and nothing else changed.
Which of the following is true of the long-run aggregate supply curve? a. It is vertical
b. The level of RGDP supplied does not change as the price level changes. c. The level of RGDP supplied changes with the levels of capital, land, labor, and technology available to the economy. d. all of the above
The fundamental reason to study economics is to study
a. how choices are made. b. how production is determined. c. how countries trade with each other. d. how finances are determined.
The total amount of outstanding IOUs a nation is obligated to repay other nations and international organizations is called
a. current account b. balance of payments c. international trade d. international debt e. capital account