Which fundamental economic question requires society to choose the technological and resource mix used to produce goods?
A. The What to Produce question.
B. The Why to Produce question.
C. The How to Produce question.
D. The For Whom to Produce question.
Answer: C
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Perfect competition forms one extreme of the market structure spectrum.
Answer the following statement true (T) or false (F)
Joan Jillson owns a coffee shop. Assume that the marginal product of the labor Joan employs (MPL) equals 500 cups per week and the marginal product of her shop's capital (MPK) equals 1,000
Assume also that the wage (w) Joan pays her workers equals $250 per week and the rental price (r) of her capital - her coffee machines - equals $500 per week. Which of the following correctly analyzes whether Joan is minimizing her costs? A) No, Joan is not minimizing her costs because MPL × w is less than MPK × r. B) No, Joan is not minimizing her costs because MPK is greater than MPL and r is greater than w. C) Yes, Joan is minimizing her costs because she is a price-taker in the markets for labor and capital. D) Yes, Joan is minimizing her costs because MPK/r equals MPL/w.
The percent of disposable income that consumers have to pay for their debt is called:
A. a debtor's mark. B. debt service. C. the cost of debt. D. debt accountability.
It is possible for a monopolist to earn an economic loss.
Answer the following statement true (T) or false (F)