The basic economic problem is
a. how to become wealthy
b. how to save the planet from pollution
c. how to equally distribute income
d. meeting people's wants and needs in a world of scacity
Answer: d. meeting people's wants and needs in a world of scacity
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Refer to Figure 2-9. Carlos Vanya grows tomatoes and strawberries on his land. His land is equally suited for growing either fruit. Which of the graphs in Figure 2-3 represents his production possibilities frontier?
A) Graph A B) Graph B C) Graph C D) either Graph A or Graph B E) either Graph B or Graph C
The monopolist produces at minimum average total cost to maximize efficiency
Indicate whether the statement is true or false
If people anticipate higher inflation, but inflation remains the same then
a. the short-run Phillips curve would shift right and unemployment would rise. b. the short-run Phillips curve would shift right and unemployment would fall. c. the short-run Phillips curve would shift left and unemployment would rise. d. the short-run Phillips curve would shift left and unemployment would fall.
Current critics of fiat money are urging governments to do what?
A. Move to a system of electronic transactions only. B. Return to a gold standard. C. Place limits on the creation. D. Return to a system of legal tender.