Which of the following is assumed to be most limited in scope under a market system?
A. Entrepreneurship
B. Self-interest
C. Competition
D. Government
Answer: D
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Refer to the accompanying figure. Which of the following is true?
A. Point A is efficient because it is farthest from the origin. B. Point F is the most efficient because medical care is the highest there. C. Points B, C, E and F are efficient. D. Point D is efficient because it requires using the fewest resources.
A competitive firm hires labour until the marginal product of labour equals the:
A. real wage. B. rental price of capital. C. price of output. D. capital/labour ratio.
The consumption function shifts upward when
A. households buy more imports. B. saving increases. C. real income increases. D. households' real wealth increases.
Funds that banks lend to borrowers come from
A. the bank's stockholders. B. the U.S. Treasury. C. depositors. D. the Federal Reserve.