The decision about what goods and services will be produced in a market economy is made by
A) lawmakers in the government voting on what will be produced.
B) workers deciding to produce only what the boss says must be produced.
C) producers deciding what society wants most.
D) consumers and firms choosing which goods and services to buy or produce.
E) consumers dictating to firms what they need most.
Answer: D
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Macroeconomic information for the economy of Anchovy is given below
(a) What was the growth rate of average labor productivity in Anchovy between Year 1 and Year 2? (b) What was the inflation rate in Anchovy between Year 1 and Year 2? (c) What was the unemployment rate in Year 1? In Year 2?
The long run is a planning period:
a. during which the firm can vary all inputs including its plant size. b. less than six months. c. less than one year. d. less than five years.
During the Great Recession, securitization:
a. Was a major problem because it prohibited mortgage originators from reducing their underwriting mistakes by shifting them investors. b.Was one of the only sources of relief for investors who were suffering heavy losses on their mortgage investments. c. Was a major cause of the moral hazard problem. d. None of the above.
In a topographic map, each line represents a particular elevation above sea level, and in an indifference map each line represents a particular level of:
A. Total utility B. Marginal utility C. Income D. Demand