The real core of the economic problem is to:
a. increase the amount of leisure time available to people
b. guarantee everyone on the planet a minimum level of food, shelter and clean water.
c. allocate limited resources among competing uses.
d. eliminate scarcity.
c
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Firm size alone is not the same as market power, as illustrated by
a. a large automaker raising its prices without concern about competition b. a movie theater in an isolated community facing stiff competition c. wheat farmers selling their commodity product to farm cooperatives d. the only newspaper in a metropolitan area facing competition for advertising sales from TV, radio, and the Internet e. None of the answers is correct
The importance of the production possibilities curve is that it shows the different combinations of goods and services that a society can produce: (check all that apply)
a. efficiently. b. given a fixed amount of resources. c. given a fixed state of technology. d. given an unlimited amount of resources. e. when marginal benefit equals marginal cost. f. in a fully employed economy.
If the BLS counted persons that are on active military service in the totals for employment, the labor force, and the working-age population, this would
A) decrease the measured unemployment rate. B) decrease the measured labor force participation rate. C) decrease the number of persons in the labor force. D) decrease the number of persons in the working-age population.
Initially trade between the United States and Canada is balanced. Then, if a change in the exchange rate reduces the U.S. dollar price of Canadian goods, ceteris paribus, we would expect
A. a trade surplus in Canada. B. a trade surplus in the United States. C. a trade deficit in Canada. D. a trade deficit in both countries.