The answer to, "What goods are to be produced?" deals with:
A) who gets the goods.
B) how tastes and preferences are determined.
C) how resources are combined to produce goods and services.
D) the kinds and quantities of goods and services produced.
Ans: D) the kinds and quantities of goods and services produced.
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Which of the following is not a characteristic of indifference curves?
A. They are negatively sloped. B. They never intersect. C. They are concave toward the origin. D. Combinations of goods that include more of both goods are preferred, on a higher indifference curve.
Refer to Figure 2-7. Suppose worker productivity increases so that the total number of vehicles produced increases as the company adds more machinery, workers, and changes the layout of the factory. This is best represented by the
A) movement from H to J in Graph B. B) movement from G to H in Graph B. C) movement from K to L in Graph C. D) movement from E to F in Graph A.
When confronted with rational expectations regarding changes in monetary policy, the short-run Phillips curve may be vertical
Indicate whether the statement is true or false
If the APS falls by .01 how much does total saving fall?
C = $4.5 trillion Disposable income = $5 trillion Autonomous consumption = $3 trillion