Given scarce resources, how societies go about deciding what to produce, how to produce it, and for whom to produce best describes
A. the economic problem.
B. the fallacy of composition.
C. decreasing opportunity costs.
D. Ockham's razor.
Answer: A
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Which of the following is a factor that determines the shape of the aggregate demand curve?
A) the real-balance effect B) the wage effect C) the nominal-balance effect D) the price level effect
Refer to Figure 9.2. Whenever a CD is sold, 5% of the revenue goes to the artist and the remainder of the revenue goes to the record company. The graph above depicts R, the total revenue from sales; (0.95)R, the record company's share; and C, the cost of producing the CD (which the record companies bears). At what quantity would the record company like to produce the CD?
A. 0
B. Q1
C. Q2
D. Q3
If the government did not offer the too-big-to-fail safety net:
A. large banks would be more disciplined by the potential loss of large corporate accounts. B. the moral hazard problem of insuring large banks would increase. C. the FDIC deposit insurance limits would have to be raised. D. the moral hazard problem of insuring large banks would not be affected.
What does a study of immigration figures before 1921 indicate?
(a) An overwhelming majority of immigrants came from the British Isles. (b) Voluntary immigrations slowed as 1921 approached. (c) The diversification of immigrants increased since the colonial period of U.S. history. (d) It is not possible to link immigration patterns and growth in the U.S. economy.