The market system's answer to the fundamental question "How will the goods and services be produced?" is essentially:
A. "With as much machinery as possible."
B. "Using the latest technology."
C. "By exploiting labor."
D. "In ways that minimize the cost per unit of output."
Answer: D
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The minimum amount of reserves a bank must hold with the Federal Reserve to back up its deposits is called a(n)
A. excess reserve. B. time deposit. C. demand deposit. D. reserve requirement.
When supply changes there is a ____, and when the price changes there is a ____. Question 7 options:
A. movement along the supply curve; shift in the supply curve B. shift in the supply curve; shift in the supply curve C. shift in the supply curve; movement along the supply curve D. movement in the quantity supplied; shift in selling plans E. change in the quantity supplied; change in supply
For which of the following is there no such thing as a "price?"
a. labor b. land c. entrepreneurship d. none of the above
If marginal cost were $22, how many units of output would this firm produce?
A. 1
B. 2
C. 3
D. 4