There is only one efficient allocation of resources in an economy at one point in time.
Answer the following statement true (T) or false (F)
False
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Fiscal policy encompasses all of the following except
A) expenditures by the government. B) monetary injection by the government. C) taxation by the government. D) borrowing by the government.
The finite nature of the economy's resource base
a. will be solved if only we would learn to conserve b. arises out of people's insatiable appetite for goods c. is only a problem in developing countries d. will disappear as technology advances e. will persist indefinitely
Which of the following is true of resources?
A. Resources are outputs from the production of goods and services. B. A $1,000 investment is an example of a capital resource. C. Entrepreneurship organizes resources to produce goods and services. D. Land resources do not include water.
Which of the following is not held constant along a given demand curve for a good?
A. Consumer tastes. B. Price of the good itself (own price). C. Consumer's income. D. The price of substitute goods.