Which of the following is an example of using physical capital to save time and money?
(A) Hiring more workers to do a job.
(B) Lowering workers' wages to increase profits.
(C) Building extra space in a factory to improve production.
(D) Switching from oil to coal to make production cheaper.
Ans: (C) Building extra space in a factory to improve production.
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The use of foreign exchange reserves to keep exchange rates constant over time is called
A) a fixed exchange rate system. B) the Bretton Woods system. C) a fiscal fix. D) a floating exchange rate system.
Rational production decisions require an understanding of
a. trade-offs. b. opportunity costs. c. scarcity of resources. d. All of the above are correct.
What percent of families are poor for eight or more years?
a. more than 20 percent b. between 15 and 20 percent c. approximately 10 percent d. less than 3 percent
Which of the following would most likely have a price elasticity coefficient less than 1?
A. Coffee. B. Fresh fish. C. New cars. D. Televisions.