Three basic decisions must be made by all economies. What are they?
a. How much will be produced; when will it be produced; who will produce it?
b. What goods will be produced; how will goods be produced; for whom will goods be produced?
c. What will be consumed; how will goods be consumed; for whom will goods be consumed?
d. How will the opportunity cost principle be applied; if the law of comparative advantage will be utilized, how will it be utilized; will the production possibilities constraint apply?
B
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The AIC is a statistic
A) that is used as an alternative to the BIC when the sample size is small (T < 50) B) often used to test for heteroskedasticity C) used to help a researcher chose the number of lags in a time series with multiple predictors D) all of the above
The profit-maximizing price and quantity established by the unregulated monopolist in the above figure are
A) Q1 units of output and a price of P5. B) Q3 units of output and a price of P3. C) Q1 units of output and a price of P1. D) Q4 units of output and a price of P4.
In Argentina, agricultural production is directly related to
A) government subsidies. B) price controls. C) import tariffs. D) well-defined property rights..
Goods are distributed among people by means of:
a. a central authority b. prices c. markets d. all of these