Capitalism is an economic system that:
A. gives private individuals and corporations the right to own productive resources.
B. produces more consumer goods than capital goods.
C. produces more capital goods than consumer goods.
D. is characterized by government control of markets.
Answer: A
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The value of the money multiplier depends on
A) the interest rate offered on bonds currently being purchased by the Fed. B) the ratio of total assets to total liabilities for the banking system as a whole. C) the reserve ratio. D) the interest rate offered on bonds currently being sold by the Fed.
Game theory is:
A. the study of how people behave strategically under different circumstances. B. used to predict the winners of only certain types of strategic games. C. used to evaluate the microeconomic choices that involve probabilities of different outcomes. D. the study of games of chance like solitaire or betting on horse races.
One can determine producers' surplus if the minimum selling price and the _____________ are known
A) price received B) price paid C) tax paid D) tax received E) a and c
When new technologies are applied to the production and distribution of goods and services:
A. scarcity is eliminated. B. diminishing returns to capital no longer hold. C. average labor productivity decreases. D. diminishing returns to capital still hold.