Every economy must answer each of the following questions except one. Which is the exception?
a. Which goods will be produced?
b. Why are these particular goods produced?
c. Which resources should be used?
d. How should resources be combined to produce each product?
e. Who will actually consume the goods produced?
B
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The national debt
a. will be zero when the federal budget is balanced. b. has been shrinking in the last 30 years. c. is equal to the government's budget deficit. d. can grow without negative economic effects. e. is a flow measure while the deficit is a stock measure.
Consider a regulated natural monopoly. If the regulatory commission wants to establish a fair-return price, then it should set a price ceiling where the demand curve crosses the monopoly's long-run:
A. marginal revenue curve. B. average revenue curve. C. marginal cost curve. D. average cost curve.