What mechanism assures that firms produce outputs that consumers actually desire?
A. governmental regulations on the mix of outputs
B. altruism
C. the desire for profit
D. a desire to serve others without thought of reward
E. All of the responses are correct.
Answer: C
You might also like to view...
According to classical economists, if we use the quantity theory of money equation P = MV / Q, and the growth rate of M equals the Q growth rate,
a. the price level increases b. the price level decreases c. the price level remains unchanged d. velocity is necessarily increased e. M1 is decreased
During the 800 years between 1000 and 1800, the increases in both world income per person and life expectancy at birth were small, but both of these indicators have increased sharply during the past 200 years
a. true b. false
Arable land, water, machinery, and a professional baseball player are all considered scarce economic _______________ used in the production of goods and services.
Fill in the blank(s) with the appropriate word(s).
The unemployment rate is
A) the percentage of the labor force that is employed. B) the percentage of the number employed that is unemployed. C) the percentage of the working-age population that is unemployed. D) the percentage of the labor force that is unemployed. E) the percentage of the working-age population that is employed.