Which of the following is not one of the five fundamental questions that an economy must deal with?
A. How will the goods and services be produced?
B. Why should the goods and services be produced?
C. Who is to receive the goods and services produced in the economy?
D. In what ways will progress be promoted?
Answer: B
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In the specific factors model, which of the following will increase the quantity of labor used in food production?
A) an increase in the price of food relative to that of cloth B) an increase in the price of cloth relative to that of food C) a decrease in the price of labor D) an equal percentage decrease in the price of food and cloth E) an equal percentage increase in the price of food and cloth
Average fixed costs
A) are always rising with increases in production B) are dependent on marginal costs. C) are dependent on average variable costs. D) are always falling with increases in production.
Production should be expanded if marginal cost is greater than marginal revenue
Indicate whether the statement is true or false
Which statement is false?
A. Suburbanization was the migration of tens of millions of middle-class Americans—nearly all of them white—from the cities to the suburbs. B. The people who moved to the suburbs were replaced in the cities by millions of poor people, the large majority of whom were black and Hispanic. C. The inner cities today are socially isolated from the rest of the country. D. None of these statements are false.