Which type of economy must answer the questions of what goods to produce, how to produce them, and for whom to produce them?
A. A centrally planned economy
B. A market-based economy
C. A developing economy
D. All types of economies must answer these questions.
Answer: D
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Moral hazard refers to the actions people take after they have entered into a transaction that make the other party to the transaction worse off
Indicate whether the statement is true or false
Which of the following statements is correct about neoclassical economists?
a. Neoclassical economists emphasize Say’s law, which holds that supply creates its own demand. b. Neoclassical economists emphasize Keynes’ law, which holds that supply creates its own demand. c. Neoclassical economists emphasize Say’s law, which holds that demand creates its own supply. d. Neoclassical economists emphasize Keynes’ law, which holds that demand creates its own supply.
Which one of the following statements is false if we increase the discount rate used to allocate a resource across two time periods?
a. The resource will tend to be used up quicker b. The price of the resource will tend to rise faster c. Current consumption of the resource will increase d. The appropriate resource depletion tax will increase e. Future supplies of the resource will decrease
A country's total output includes all of the following except:
A.) Household consumption. B.) Business investment. C.) Imports. D.) Government services.