Which of the following is not a basic decision that all nations must confront?
A. How should we produce goods and services?
B. What goods and services should we produce?
C. For whom should goods and services be produced?
D. Should we have economic growth?
Answer: D
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A) will be considered a market when the Internet firms are profitable. B) is a market because buyers and sellers are brought together to buy and sell. C) cannot function as a market. D) would be a market if there was only one physical location. E) is not a market because buyers can buy from only one seller at any point in time.
The benevolent social planner engages in
A) positive economic analysis. B) normative economic analysis. C) both positive and normative economic analysis. D) neither positive nor normative economic analysis.
Using Figure 9.1, explain what a firm would do in the short run if the market price of its product were at P3 and it produced Q3 . Is the firm earning an economic profit? Explain
What will be an ideal response?
Which of the following statements is true about the utility possibility frontier (UPF) for two people trying to strike a deal?
a. It limits the moves two individuals can make at different stages of the game. b. It tells us how the point on the UPF that they finally reach might differ with their bargaining tactics. c. It predicts the exact point where the two bargainers will end up irrespective of their bargaining tactics. d. It tells us how the point on the UPF that they finally reach might differ with their personal characteristics