Economists assume that individuals make informed decisions and act in their own self-interest.
Answer the following statement true (T) or false (F)
True
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The interest rate is the opportunity cost of transferring spending power between time periods. However, the market mechanism may fail to provide adequately for future economic growth. List the reasons why a market might fail.
What will be an ideal response?
As more or less inputs are used, the isocost line will shift ____ or _____ respectively
Fill in the blank(s) with the appropriate word(s).
The number of years it takes for GDP to double is found by
A. Multiplying 72 by per capita GDP. B. Dividing the growth rate by 72. C. Dividing 72 by the growth rate. D. Multiplying 72 by the growth rate.
Allocative efficiency refers to
A) producing the goods and services most highly valued. B) using the least amount of labor to produce output. C) producing the maximum possible amount of output. D) obtaining the least output with the most inputs. E) producing at any point on the PPF.