Who or what is responsible for the allocation of scarce resources into the production of most goods in the U.S.?
A) the American government
B) the UN
C) the Federal Reserve Bank
D) markets and prices
D
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The fact that individuals whose credit worthiness is less than it appears to be are those who are most willing to borrow funds at any given interest rate is an example of
A) moral bonuses. B) diverse origins. C) symmetric information. D) adverse selection.
Suppose we observe the following sequence of production and exchange: sand is used to make silicon; silicon is used to make silicon chips; silicon chips are used to make computers; computers are sold to retailers; retailers sell those computers to
consumers. Which represents the purchase of a final good? A) The retailer's purchase of computers B) The consumer's purchase of computers C) Both A and B above. D) None of the above.
If a firm can double inputs and, thereby, more than double output over the range of output the market demands, it is said to be experiencing
a. decreasing minimum efficient scale b. increasing returns to scale c. constant returns to scale d. decreasing returns to scale e. increasing long run average cost
The more human capital you have, the more likely you will:
A. be unemployable. B. earn more money. C. not benefit from specializing. D. All of these are true.