Which of the following is NOT one of the basic questions that an economic system attempts to answer?
A. For whom will goods and services be produced?
B. How to identify what people need?
C. How will goods and services be produced?
D. What to produce?
Answer: B
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The Acme Company is a perfect competitor in its input markets and a monopolist in its output market. The marginal product of labor is 20 and the price of Acme's output is $10. For Acme Company, the marginal revenue product of labor is
A) less than $10. B) $10. C) $20. D) less than $200. E) $200
World Wide Delivery Service Corporation develops a way to speed up its deliveries and reduce its costs. We would expect that this would
a. raise the demand for existing shares of the stock, causing the price to rise. b. decrease the demand for existing shares of the stock, causing the price to fall. c. raise the supply of the existing shares of stock, causing the price to rise. d. raise the supply of the existing shares of stock, causing the price to fall.
All of the following institutions easily fit onto a majoritarian-consensus dimension EXCEPT ______.
A. federalism B. bicameralism C. unicameralism D. constitutionalism
In a successive monopoly structure, the profit-maximizing wholesale price is equal to the difference between the ________ and the ________ of distribution.
A) wholesale demand; marginal cost B) retail demand; marginal revenue C) wholesale demand; marginal revenue D) marginal revenue; marginal cost