The question "Will doctors or lawyers have higher annual incomes?" represents which of the three basic economic questions?
What will be an ideal response?
The amount of goods and services a person can purchase depends on the person's income. Hence the question of who should be paid more, lawyers or doctors, essentially asks whether lawyers or doctors will be able to buy more goods and services. Thus the question is a microeconomic "For whom?" question.
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Which of the following assets yields a 0 percent return?
A) U.S. Treasury Bills B) Excess reserves C) Deposits with correspondent banks D) Municipal bonds
Which of the following is a benefit of the price system?
A) the existence of positive externalities B) the production of public goods C) Consumers have what they want since politicians and business managers decide what is to be produced. D) the freedom of consumers to decide what they want to purchase