During the 1980s, foreigners expanded their role in the United States as
A. both creditors and owners.
B. neither creditors nor owners.
C. as owners but not as creditors.
D. as creditors but not as owners.
A. both creditors and owners.
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Refer to Figure 5-4.What is the economically efficient output level?
A) Q1 B) Q1 plus Q2 C) Q2 minus Q1 D) Q2
From an economist's perspective, information is a product, but differs from other goods and services in all of the following ways except which one?
A) It is expensive to produce, but cheap to communicate. B) One firm's use of information does not prevent other firms from simultaneously using the exact same information. C) It is expensive to produce, but cheap to copy. D) Information created by firms cannot be protected through government laws.
Here are three things you could do if you do not attend your economics class: watch television with some friends (you value this at $25), read a good novel (you value this at $13), or go in to work (you could earn $20 during the economics class). The opportunity cost of going to your economics class is
A) $20, because this is the only alternative of the three where you actually receive a monetary payment. B) $13, because this is the lowest valued alternative forfeited. C) $25, because this is the highest valued alternative forfeited. D) $58, because this is the total dollar sum of the alternatives forfeited.
The market system's answer to the fundamental question "Who will get the goods and services?" is essentially:
A. "Those willing and able to pay for them." B. "Those who physically produced them." C. "Those who most need them." D. "Those who get utility from them."