What are the three basic economic questions that must be answered by all societies?
What will be an ideal response?
(1.) What will be produced?
(2.) How will it be produced?
(3.) Who will get what is produced?
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Refer to Figure 3-4. If the price is $10
A) there would be a surplus of 600 units. B) there would be a surplus of 200 units. C) there would be a shortage of 200 units. D) there would be a shortage of 600 units.
Zero profit in the economic sense means that firms are earning a normal rate of return
a. True b. False Indicate whether the statement is true or false
Suppose that a bank has $250 in vault cash, $750 in deposits at the Federal Reserve, $9,000 of loans, and deposits of $10,000. How much does this bank have in reserves?
a) $250 b) $750 c) $1,000 d) $9,000
Bilateral monopoly occurs where:
A. a monopsonistic employer bargains with an inclusive union. B. a monopsonistic employer bargains with an exclusive union. C. a craft union bargains with a purely competitive employer. D. an industrial union bargains with a purely competitive employer.