In a market economy, people who control large amounts of capital ______.
a. have the ability to get more goods and services
b. have reduced access to goods and services
c. share goods and services equally with others
d. are elected government officials
a. have the ability to get more goods and services
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In the Cobb-Douglas production function, the index of the overall level of efficiency of transforming capital and labor into real GDP is called
A) total factor productivity. B) allocative efficiency. C) the marginal efficiency index. D) the transformation allocation of inputs.
In the Keynesian DMP model
A) There is a fiscal multiplier. B) The government post vacancies in the labor market. C) There is no unemployment. D) There can be more than one wage consistent with equilibrium.
Price elasticity of demand is a measure of the change in quantity demanded that results from a change in price
a. True b. False Indicate whether the statement is true or false
The difference between microeconomics and macroeconomics is that
a. microeconomics involves mathematical relationships, and macroeconomics is predominantly a verbal analysis. b. microeconomics deals with the principle of scarcity, and macroeconomics deals with the problem of poverty. c. microeconomics deals with narrowly defined units, and macroeconomics focuses on highly aggregated markets. d. microeconomics is normative, and macroeconomics is positive.