Answer the following statements true (T) or false (F)
1. The fundamental economic question regarding the distribution of output in the economy is equivalent to the question of who will produce the output.
2. The concept of consumer sovereignty refers to the situation where consumers have the right to vote for the board of directors of large corporations.
3. In analyzing a market system, economists often assume that firms will choose the production techniques that will give them the maximum revenues.
4. Economic efficiency entails producing a certain output with the minimum number of units of inputs.
1. FALSE
2. FALSE
3. FALSE
4. FALSE
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Legislated federal government payments that anyone who qualifies can receive are called
A) controllable expenditures. B) a fiscal stabilizer. C) balanced expenditures. D) entitlements.
Suppose the official gold value of the Brazilian real changes from 527 reals per ounce to 508 reals per ounce. We can then say that:
a. the Brazilian real has depreciated in value as a consequence of free market fluctuations. b. the Brazilian real has appreciated in value. c. gold is now more expensive to purchase in Brazil than it was before. d. the Brazilian real has been devalued. e. the Brazilian economy is expected to experience rapid inflation.