The three fundamental economic questions of what, how, and for whom:
A) exist because of scarcity.
B) are much more serious in a socialist system.
C) are not serious in a capitalistic system.
D) are not relevant in the industrialized world of today.
Ans: A) exist because of scarcity.
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Other things remaining the same, which of the following is likely to increase both the wage rate and the number of workers hired in a steel-producing factory?
A) An increase in the opportunity cost of leisure B) A decrease in the opportunity cost of leisure C) The introduction of labor-saving technology in the factory D) The introduction of labor-complementary technology in the factory
Screening and monitoring are costly activities. Why is it a bad idea to impose these costs on borrowers?
What will be an ideal response?
Why do societies need rationing devices?
A) Because people have too many needs and not enough wants. B) Because price exists. C) Because scarcity exists. D) Because people have opportunity costs.
Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to nominal GDP in 2015 was ________ and to real GDP in 2015 was ________.
A. $80,000; $80,000 B. $88,000; $90,000 C. $80,000; $88,000 D. $80,000; $99,000