Which of the following is a basic question answered by an economic system?
a. for whom goods and services are produced.
b. how goods and services are produced.
c. what goods and services are produced.
d. all of these.
d
You might also like to view...
The marginal propensity to consume (mpc) is the:
A. percentage by which disposable income increases when consumption increases by 1 percent. B. amount by which disposable income increases when consumption increases by $1. C. percentage by which consumption increases when disposable income increases by 1 percent. D. amount by which consumption increases when disposable income increases by $1.
Suppose an increase in supply lowers the price from $10 to $8 and increases and increases the quantity demanded from 100 units to 130 units. Using the midpoint method, the elasticity of demand equals what
A) 1.17. B) 0.85. C) 0.26. D) 1.56. E) None of the above answers is correct.
Why is China's currency undervalued?
A) The Asian miracle is over. B) They do not trade with the U.S. C) They do not allow their currency to appreciate despite large external surpluses. D) They are stockpiling international reserves to protect against the next East Asian crisis. E) They are not aware of the real value of their currency.
In an advertisement for credit cards, the statement is made, "Think of a credit card as smart money." An economist's reaction to this would be that a credit card is:
A. dumb money. B. simply money. C. actually better than money. D. not money.