Answering the For Whom to Produce question means that:
A. society is determining the size of the economic pie,
B. scarcity no longer restricts production.
C. society must have a method to decide who will be rich and who will be poor.
D. an economy is selecting among its resources for production.
Answer: C
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A decrease in the government budget deficit decreases the ________ loanable funds and an increase in the government budget surplus increases the ________ loanable funds
A) demand for; demand for B) demand for; supply of C) supply of; demand for D) supply of; supply of
The main difference between GNP and GDP is:
a. GDP measures a nation's income, and GNP measures a nation's output. b. Largely in the minds of the public, because economically, there is no difference. c. GDP measures the income earned from the production of all final goods and services within a nation's borders; GNP measures the income earned by domestically-owned resources from producing final goods and services anywhere in the world. d. GDP measures a nation's output, and GNP measures a nation's income.
When a firm operates with excess capacity, it must be in a monopolistically competitive market
a. True b. False Indicate whether the statement is true or false
Because it is
a. neither excludable nor rival in consumption, a tornado siren is a common resource. b. neither excludable nor rival in consumption, a tornado siren is a public good. c. excludable but not rival in consumption, a tornado siren is a club good. d. rival in consumption but not excludable, a tornado siren is a common resource.