Which of the following is a key question that must be addressed by an economy?
A) What will be made with our resources?
B) How much will we spend producing products?
C) Where will we produce our products?
D) When should we produce our products?
A
You might also like to view...
Under a fixed exchange rate system, if the inflation rate of the United States is less than the inflation rate of other nations, the
A) United States will develop a trade surplus. B) dollar will appreciate. C) United States will develop a trade deficit. D) dollar will depreciate.
The main purpose of most tariffs and quotas is to
A) reduce the foreign competition that domestic firms face. B) improve the quality of goods and services imported into the country. C) raise revenue for the government. D) reduce the prices consumers pay for goods and services.
The argument that demand for apartments is more elastic in the long run is based on the idea that
A. landlords will fix up many new apartments when there are small changes in rent. B. it takes time to build new apartments. C. people will change apartments more readily when there is only a short time to benefit from lower rent. D. it is costly to move quickly to a different location.
Utility is:
a. easily measured, because all people derive the same utility from consumption. b. easily measured, because it is an objective concept. c. easily measured, because it is a subjective concept. d. hard to measure, because it is a subjective concept. e. hard to measure, because it is an objective concept.