Consider the following economic agents:
a. the government
b. consumers
c. producers
Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy?
A) producers
B) consumers
C) the government, consumers, and producers
D) the government
E) consumers and producers
C
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Determine if the following statements pertain to optimization by levels or optimization by differences
a. John is attempting to decide on a movie. He determines that the newest Batman movie provides him with $10 more of a benefit than the newest Spiderman movie. He adds to his net benefit by always buying a large popcorn and a large drink. b. Marcia finds that the net benefit of flying from Chicago to Honolulu on a non-stop United Airlines flight is $400, and the net benefit for the same trip flying on a one-stop American Airlines flight is $200 . c. Nikki decided to take the first available parking space as she entered the student lot. She felt that the first available space had a $5 premium on all other possible spaces since she did not want to risk being late for her exam. d. Reagan determined that the net benefit of taking the combination of two online courses and traditional lecture course was $100 . The same three courses online gave her a net benefit of $80; and all three in a lecture-based format gave her a net benefit of $10 .
Which of the following are determinants of differences in income?
A) age B) marginal productivity C) discrimination D) all of the above