The three fundamental questions that any economy must address are
A) What will be the prices of goods and services; how will these goods and services be produced; and who will receive them?
B) What goods and services to produce; how will these goods and services be produced; and who receives them?
C) Who gets jobs; what wages do workers earn; and who owns what property?
D) How much will be saved; what will be produced; and how can these goods and services be fairly distributed?
Answer: B
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Use the graph below to answer the next question.
Other things equal, an increase in the price of substitute resource would cause a
A. move from a to b on D1. B. shift from D2 to D3 assuming the substitution effect exceeds the output effect. C. move from b to a on D1. D. shift from D3 to D2 assuming the substitution effect exceeds the output effect.
If there is an increase in the amount of currency held outside banks, then the
A) quantity of money and the monetary base will decrease. B) monetary base will decrease. C) quantity of money will increase. D) quantity of money will not change. E) quantity of money will decrease.
Below is a table showing the maximum amount five potential buyers are willing to pay for a car.
a) What is the quantity demanded if cars sell for $10,000 each? b) Under conditions of perfect competition, how many cars are bought if the marginal cost of producing a car is $25,000? c) How many cars are bought if the marginal cost of producing a car falls to $20,000?
The Fed is institutionally independent. A major advantage of this is that monetary policy
A. is subject to regular congressional scrutiny. B. will often offset fiscal policy. C. is not controlled by politicians. D. is usually coordinated with fiscal policy.