List the three basic economic questions that all societies must answer
What will be an ideal response?
(1.) What will be produced?
(2.) How will it be produced?
(3.) Who will get what is produced?
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Financial institutions that accept deposits and make loans are called ________ institutions
A) investment B) contractual savings C) depository D) underwriting
Unlike firms in perfect competition, monopolists have control over
a. the costs of production b. what technology to use c. what price to charge d. how much to produce e. the choice of plant size
The opportunity cost of increased production of some good can be measured with
a. the slope of a ray to the production possibilities curve. b. the area under the curve of a production possibilities curve. c. the area of the rectangle bounded by the axes and the point on the production possibilities curve. d. the slope of the production possibilities curve. e. All of the above are correct.
If the price of garbage removal rises, people will
A. demand a higher quantity of garbage removal. B. take less waste to recycling centers. C. repair broken items if the cost to do so is higher than throwing them away. D. take actions to avoid paying the higher price.