An economy that doesn't interact economically with the rest of the world is called ________ economy
A) a closed
B) an open
C) a surplus
D) an authoritarian
A
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It takes a machine 2 hours to make a unit of Good X, and 1 hour to make a unit of Good Y. If the machine can be used for 10 hours, which of the following combinations will lie on its production possibilities curve?
A) 5 units of Good X and 2 units of Good Y B) 3 units of Good X and 4 units of Good Y C) 2 units of Good X and 2 units of Good Y D) 6 units of Good X only
What determines the interest rate in a small open economy?
What will be an ideal response?
A person is given the opportunity to volunteer at a local food bank. They consider the other things they could do at that time, such as cleaning and watching TV. They know that the work that they do could really benefit people at the food bank, whereas the other activities only benefit themselves. They decide that the service is the best decision for them. What type of ethical theory does their though process and decision follow?
a. rule utilitarianism b. act utilitarianism c. deontological theory d. ethical egoism
When firms compete with each other rather than cooperate:
A. consumers will end up better off. B. the firms will end up better off. C. prices will be higher. D. output will be lower.