The economic problem of scarcity
A. is unique to a capitalist economy.
B. requires that choices be made among alternatives.
C. disappears as technology advances.
D. affects only less-developed countries.
Answer: B
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All of the following encourage increases in technological progress EXCEPT
A) closed economies. B) larger markets through free trade. C) the possibility of monopoly profits. D) the ability to patent a new invention.
Markets clear
a. in the short run b. when a depression occurs c. when a recession occurs d. roughly every ninety days e. eventually
In economics, short run is defined as?
a. A period of time less than a year. b. A period of time during which at least one production input is fixed. c. A period of time less than one month. d. A period of time during which all production inputs are fixed. e. A period of time during which all production inputs are variable. (is correct in long-run)
According to economist John Taylor, the Fed set its federal funds rate target too high during the period 2002-early 2006, which contributed to the financial crisis of 2007-2009
Indicate whether the statement is true or false