Markets will always create more efficient outcomes without government intervention.
Answer the following statement true (T) or false (F)
False
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Is demand more elastic in the short run or the long run? Why?
What will be an ideal response?
The legislation passed in 1946 that requires governmental institutions to promote "maximum employment, production, and purchasing power" is called:
A) Full Employment and Balanced Growth Act. B) Federal Reserve Act. C) Employment Act. D) Unemployment Act.
The production possibilities frontier illustrates
a. the combinations of goods that could be produced with resources and technology constant b. how technology influences opportunity costs c. the law of diminishing returns d. how price changes affect decision making of individuals e. the law of demand
The question "Should we produce houses using bricks or wood?" is an example of a ________ question
A) what B) how C) why D) for whom E) where