An economic system is the organizations and methods used to determine:
a. All of the answers are correct.
b. for whom goods and services are produced.
c. what goods and services are produced.
d. how goods and services are produced.
a
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The table above shows techniques that can be used to produce 100 shirts. The technique that is NOT technologically efficient is
A) W. B) X. C) Y. D) Z.
Refer to Figure 15-2. If the firm's average total cost curve is ATC1, the firm will
A) suffer a loss. B) break even. C) make a profit. D) face competition.
Which of the following is false?
a. In a liquidity trap, expansionary monetary policy will tend to increase the excess reserves in the banking system. b. If there are currently excess reserves in the banking system, in a liquidity trap, expansionary monetary policy will lead those excess reserves to be lent out by the banking system c. If there are no changes in the level of excess reserves held in the banking system as a result, both expansionary and contractionary monetary policy can successfully shift the money supply curve d. None of the above; all of the above are true.
(Figure: Supply of Coconuts) Look at the figure Supply of Coconuts. If the price of coconuts decreased, it would be represented in the figure as a movement from:
A) BtoA. B) CtoA. C) EtoB. D) AtoB.