Issues of the distribution of goods and services and incomes in a competitive market system are the primary topic of which fundamental question?
A. How will the system promote progress?
B. Who will get the goods and services?
C. How will the goods and services be produced?
D. What goods and services will be produced?
Answer: B
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Using the textbook's production function, if two percent more labor working with two percent more capital produces two percent more real GDP, then "multifactor productivity" has
A) risen by four percent. B) risen by two percent. C) remained unchanged. D) fallen by one percent. E) fallen by two percent.
If Congress were to pass a law exempting interest on saving from taxation, the:
A. supply of loanable funds would decrease and the equilibrium interest rate rise. B. supply of loanable funds would increase and the equilibrium interest rate fall. C. demand for loanable funds would increase and the equilibrium interest rate rise. D. equilibrium interest rate would be unaffected.