What is the order in which an economy tries to solve the issue of resource allocation?
A. Production planning, distribution, and output selection
B. Output selection, production planning, and distribution
C. Production planning, output selection, and distribution
D. Distribution, production planning, and output selection
Answer: B
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A production possibilities curve shows the
a. dollar costs of producing two different goods b. amounts of labor and capital needed to produce one good c. various combinations of goods that can be produced d. prices of different goods that are produced in an economy e. inefficient use of available resources and technology
The higher is the tax on productive activity, the more likely that people will attempt to evade those taxes by diverting their economic activity from the formal, reported economy to an underground, "off-the-books" economy
Indicate whether the statement is true or false
In a purely competitive industry:
A. there will be no economic profits in either the short run or the long run. B. economic profits may persist in the long run if consumer demand is strong and stable. C. there may be economic profits in the short run but not in the long run. D. there may be economic profits in the long run but not in the short run.
Economic growth may overstate changes in the standard of living if
A. the number of students attending college is increasing. B. the average workweek is increasing. C. people are retiring at a younger age. D. expected life spans are increasing.