When Feeding America changed its food allocation system to one that resembled a market, each food program was given a number of "shares" that they could use in bidding against other food programs for the types of food that best met the needs of the
people using their programs. Using these "shares" helped answer which of the following fundamental economic questions?
A) What goods and services will be produced?
B) How will the goods and services be produced?
C) Who will receive the goods and services produced?
D) When will the goods and services be produced?
Answer: C
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Who popularized the expression "Time is money."
a. Benjamin Franklin b. George Washington c. Herbert J. Jones d. Amanda Cunningham
It is often observed that, over the same period of time and for the same good, marginal utility declines rapidly for some consumers and very little for others. This observation illustrates:
a. that economic theory is of little value in explaining consumer behavior. b. that consumers are not identical. c. tastes and preferences should not be included in any discussion of consumer choice. d. tastes and preferences among consumers are quite similar. e. that if consumers weren't identical, economic theory would not be able to provide insight into consumer behavior.
When both exports and imports are considered, the major advantage of international trade is that it allows us to:
a. sample foreign products that many of us would otherwise never see. b. consume a larger, more diverse quantity of goods and services at lower prices than would otherwise prevail. c. share our technology and efficiency with less-developed countries that would otherwise never have the opportunity to observe modern goods and services. d. maintain jobs for workers who would otherwise have little to do.
During times of high unemployment, colleges often observe an increase in enrollment even if tuition remains unchanged. Why?
A. Students go to college even when the net benefit is negative. B. The opportunity cost of attending college is higher when unemployment is high. C. The benefit of attending college is lower because college graduates are less likely to find jobs. D. The opportunity cost of attending college is lower when unemployment is high.