Which of the following is not one of the five fundamental questions that an economy must deal with?
What will be an ideal response?
Why should the goods and services be produced?
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The most people live in ________ economies and the fewest people live in ________ economies
A) emerging market; developing B) advanced; emerging market C) developing; emerging market D) advanced; developing E) developing; advanced
Explain why even the most affluent people, businesses and counties never solve the problem of scarcity
What will be an ideal response?
"He [the producer] intends only his gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention." What famous economist made this statement?
a. Alfred Marshall b. Friedrich Hayek c. Adam Smith d. David Ricardo
Real GDP per person is $10,000 in Country A, $20,000 in Country B, and $30,000 in Country C. The saving rate increases by the same rate in all three countries. Other things equal, we would expect that
a. all three countries will grow at the same rate. b. Country A will grow the fastest. c. Country B will grow the fastest. d. Country C will grow the fastest.