What to produce in a market economy is ultimately determined by the:
A. income plans of households.
B. output decisions of business firms.
C. spending decisions of households.
D. workers' technical skills.
Answer: C
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If California were a separate economy, it would be the ____ largest economy on earth
a. second b. third c. fifth d. eighth
The agricultural nation of Luckidom is attempting to answer the three fundamental economic questions. Develop the three questions as they relate to this nation.
A. 1. Should we produce more wheat and fewer soybeans? 2. Should we farm with equipment or by hand? 3. Do the farmers or the governors receive a higher salary? B. 1. Should we farm with equipment or by hand? 2. Do the farmers or the governors receive a higher salary? 3. Should we grow near the riverbed or by the coast? C. 1. Do the farmers or the governors receive a higher salary? 2. Should we grow near the riverbed or by the coast? 3. Should we produce more wheat and fewer soybeans? D. 1. Should we grow near the riverbed or by the coast? 2. Should we produce more wheat and fewer soybeans? 3. Should we farm with equipment or by hand?