The 3 key economic questions include all of the following EXCEPT:
A. "What products do we produce?"
B. "How do we produce these products?"
C. "Where should these products be produced?"
D. "Who consumes the products?"
Answer: C
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The wealth of nations is determined by the resources available to a nation and was discussed in 1776 by the famous economist, __________________.
Fill in the blank(s) with the appropriate word(s).
In a market with an external cost, government action
A) cannot decrease the amount of the deadweight loss from the external cost. B) can sometimes help to achieve an efficient outcome. C) cannot alter firms' cost curves. D) Both answers A and C are correct. E) Both answers B and C are correct.
What is the relationship between a firm's value of marginal product curve for labor and its demand for labor curve? Explain why this relationship exists
What will be an ideal response?
When interest rates on treasury bills and other financial assets are low, the opportunity cost of holding money is _______, so the quantity of money demanded will be _______.
A. Low; low B. Low; high C. High; low