The government just approved a bill allocating twenty million dollars to hire teachers specifically to work with students in low-income neighborhoods. This action answered which basic economic question?
a. Who will get the goods and services?
b. How will the goods and services be produced?
c. What is the best method of production?
d. What goods and services will be produced?
a. Who will get the goods and services?
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In the short run, each firm in a perfectly competitive market is free to
a. increase its plant size b. vary its output level within its existing capacity c. exit the industry without losses d. set a price above the market price e. decrease its plant size
Some employers allow new employees to delay their investment in a retirement account for a year or two. This approach puts the cost of saving for retirement in the ________ and the benefit of saving in the ________.
A. present; present B. present; future C. future; present D. future; future
Countries such as the United States that have large populations tend to have
A) higher trade-to-GDP ratios. B) lower trade-to-GDP ratios. C) relatively greater capital outflows. D) relatively smaller capital outflows.
Inflation can cause a misallocation of resources because
A. firms have to change their price labels at unusual times. B. the nominal rate of inflation doesn't equal the real rate of inflation. C. people are encouraged to borrow too much. D. inflation doesn't proceed evenly which means that people have a difficult time determining when a price change signals a change in relative prices.