Only a market economy must answer the questions of what goods to produce, how to produce them, and for whom to produce them
a. True
b. False
Indicate whether the statement is true or false
False
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According to the infant industry argument, a new domestic industry needs protection because it has higher costs than established foreign competitors
a. True b. False Indicate whether the statement is true or false
The Social Security Trust Fund
a. will provide a stream of future revenue for the federal government. b. is a "pot" of money set aside for the payment of future benefits. c. is a net asset of the U.S. Treasury worth approximately $2 trillion. d. is of zero asset value to the federal government.
"When workers acquire tools, they become more productive.". This statement reflects the general fact that __________ is a determinant of productivity
Fill in the blank(s) with correct word
X-inefficiency is said to occur when a firm's:
A. short-run costs of producing any output are greater than the long-run costs. B. total costs of producing any output are greater than the minimum possible average costs. C. marginal costs of producing any output are greater than the minimum possible total costs. D. average costs of producing any output are greater than the minimum possible average costs.