The economic question of what will be produced is
a. primarily answered by the government in a system of pure capitalism
b. primarily answered by markets in a command economy
c. faced by all economies regardless of their wealth
d. does not have to be answered by economies possessing great wealth
e. cannot be illustrated by the economic concept of the production possibilities frontier
C
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"The costs and benefits for a country from joining a fixed-exchange rate area such as the EMS depend on how well-integrated its economy is with those of its potential partners." Discuss
What will be an ideal response?
The corporate income tax is
a. an indirect tax. b. a regressive tax. c. the second largest source of revenue for the federal government. d. a direct tax.
The use of spending and taxes by the government to influence aggregate demand is known as
a. monetary policy. b. governmental policy. c. administrative policy. d. fiscal policy. e. federal policy.
Consider the market for university economics professors. Suppose the opportunity cost of going to graduate school to get a Ph.D. in economics increases for many individuals. Suppose it generally takes about five years to get a Ph.D. in economics. Holding all else constant, in five years the equilibrium wage for university economics professors will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium wage.