Socialism
What will be an ideal response?
An economic system in which the basic means of production are owned and controlled by the government and goods and resources are allocated through government central planning
*Basic means of production are things like utilities, railroads, etc.
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A point or combination that is on the production possibilities frontier is
A. unattainable and efficient. B. attainable, but not efficient. C. unattainable, but not efficient. D. attainable and efficient.
If the United States follows an expansionary monetary policy relative to Japan and Germany, which of the following is not likely to occur?
A) U.S. interest rates will rise relative to Japan and Germany B) a larger U.S. capital account deficit C) a depreciation of the dollar D) lower level of U.S. income
Society's total cost of producing a good
a. includes only the cost to the firm b. includes only the external cost c. includes all private and external costs d. equals the value of the output level that maximizes the firm's profit e. equals the value of the output level that minimizes the firm's loss
For most goods and most people, marginal utility probably: a. continues to increase as larger quantities are purchased. b. declines as consumption increases
c. plummets after the first few units but soon begins to rise. d. is negative after the first unit of a good is purchased.