Which economic question does the decision to give all of the butter the economy produces to the homeless answer?
a. What to produce?
b. How to produce?
c. For whom to produce?
d. Who has a comparative advantage in butter production?
e. Who has an absolute advantage in butter production?
C
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Which of the following combinations of points are both efficient and attainable for this economy?
a. G, H
b. J, K
c. F, I, L
d. F, G, H, I, L
Which of the following REDUCES equality of income or wealth relative to the market distribution?
A) government payments to the poor B) a regressive income tax C) high taxes on bequests D) non-assortative mating
Scenario: Not-So-Free Freeland Freeland is a semi-closed economy whose government believes in protecting national identity and building a self-sustained economy. The government's priority is to protect local jobs and provide opportunities to Freeland's emerging industries to flourish without the threat of external competition. Freeland's efforts to provide opportunities to its emerging industries is an example of its ________.
a. economic motive b. culture motive c. political motive d. social motive
An effective price ceiling will be set above the equilibrium price.
Answer the following statement true (T) or false (F)