All of society's applied knowledge on how to produce goods and services is
A. held by university professors.
B. opportunity cost.
C. called technology.
D. efficiency.
Answer: C
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Refer to Table 9-12. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Estonia gain compared to the "without trade" numbers?
A) 0 B) 10 C) 40 D) 50
Which of the following statements about the Social Security (OASDI) program is FALSE?
A) Benefits are paid to individuals who would be financially secure in their absence. B) Benefits are based on need. C) Benefits are an intergenerational transfer program from those who work to those who don't work. D) When an insured worker dies, benefits continue for widows or other dependents.
The Federal Reserve Board meets roughly every 6 weeks to determine broad economic policy. It does not have to deal with the political process, which is a reason the _____ lag is shorter for monetary policy than it is for fiscal policy.
a) information b) recognition c) decision d) implementation
A fall in the price of a good causes an increase in its:
A. quantity demanded. B. demand. C. quantity supplied. D. supply.