Which fundamental economic question requires society to choose the technological and resource mix used to produce goods?
A. The What to Produce question.
B. The Why to Produce question.
C. The How to Produce question.
D. The For Whom to Produce question.
Answer: C
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Cost functions must be homogeneous of degree 1 in (input and output) prices.
Answer the following statement true (T) or false (F)
A(n) ________ relates each possible outcome to its probability of occurrence
A) probability distribution B) frequency C) expected value D) coin toss
Which of the following explains why deflation is bad for consumers?
a. It reduces the purchasing power of money b. It precedes a long recession. c. It creates a spike in unemployment. d. It makes financial decision making more difficult.
Higher corporate profit taxes stimulate capital formation in the private sector.
Answer the following statement true (T) or false (F)