Which of the following is not a basic question that each economy must answer?
a. Which resources are scarce?
b. For whom shall the goods be produced?
c. How shall goods be produced?
d. What goods shall be produced?
A
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A bracelet making company has three employees, and together they produce 10 bracelets an hour. When a fourth worker joins them, the output for the company is now 11 bracelets an hour. Which of the following is true?
A. Diminishing marginal product started with the fourth worker. B. Average product has increased. C. Total product is increasing. D. None of these is true.
The Fed can make loans to the general public at the discount rate
a. True b. False Indicate whether the statement is true or false
A new tool that the Fed started using in late 2008 was that it began to pay interest on the reserves banks hold in their federal reserve accounts
a. True b. False
According to public choice theory, tariffs, quotas, and other trade restrictions are primarily the result of the
a. political clout of foreigners. b. political clout of domestic consumers. c. political power of special interest groups. d. political desire for economic efficiency.