The economic system characterized by private ownership of resources and market is:
a. capitalism. b. communism.
c. fascism. d. socialism.
a
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Why is the production possibilities frontier bowed out?
What will be an ideal response?
If marginal product is at a maximum, then marginal cost is at a minimum
a. True b. False Indicate whether the statement is true or false
If Americans' home equity falls substantially, it would ____ wealth and consumer confidence, ____ consumption, and ____ aggregate demand
a. increase, decrease, increase b. decrease, decrease, decrease c. increase, increase, increase d. increase, increase, decrease
At a consumer's optimal choice, the consumer chooses the combination of goods that equates the marginal rate of substitution and the price ratio
a. True b. False Indicate whether the statement is true or false