In a market economy, _____ own(s) all the basic resources or factors of production
a. households
b. the federal government
c. the Federal Reserve bank
d. the local government
e. business firms
a
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The table above gives data for the nation of Mosh. The MPC of the economy is
A) .75. B) 1. C) .90. D) .80. E) indeterminate with the information provided.
An automobile manufacturer is trying to make decisions about using more workers or more equipment. This belongs to the trade-off
A) Which goods and services to produce. B) How to produce. C) Who gets the goods and services. D) Who produces the goods and services.
Which of the following costs do not change when output changes in the short run?
A. Variable costs. B. Average fixed costs. C. Fixed costs. D. Average variable costs.
Suppose union workers are earning more than similarly qualified nonunion workers. From this, we can conclude that
A) unemployment of union workers must have increased. B) unemployment of nonunion workers must have increased. C) productivity of union workers must be greater than the productivity of nonunion workers. D) Any of the above are possible and we cannot tell which without having more information.