Society's resources include
a. land and labor
b. labor and machinery
c. land, labor, and capital
d. land, capital, and money
e. labor, capital, and money
C
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If you heard someone say that coal miners should be paid more wages to enable them to adequately support their families, that would be a statement of
a. positive economics. b. normative economics. c. radical economics. d. None of these.
All else held constant, as the variance of a payoff increases, the
A) expected value of the payoff increases. B) risk of the payoff increases. C) expected value of the payoff decreases. D) risk of the payoff decreases.
When the budget deficit is the main cause of the trade deficit, governments should take steps to
a. reduce their budget deficits to prevent making their economy vulnerable to a rapid outflow of international financial capital that could bring a deep recession. b. increase their budget deficits to prevent making their economy vulnerable to a rapid outflow of international financial capital that could bring a deep recession. c. reduce their budget deficits to prevent making their economy vulnerable to a rapid inflow of international financial capital that could bring a deep recession. d. increase their budget deficits to prevent making their economy vulnerable to a rapid inflow of international financial capital that could bring a deep recession.
The rationing function of prices refers to the:
A. fact that ration coupons are needed to alleviate wartime shortages of goods. B. tendency of supply and demand to shift in opposite directions. C. ability of the market system to generate an equitable distribution of income. D. capacity of a competitive market to equate the quantity demanded and the quantity supplied.