The set of mechanisms and institutions that resolve the questions of what, how, and for whom goods are produced is called the _____

Refer to Figure 2-2. What is the opportunity cost of one dozen roses?

A) 0.4 dozen orchids B) 2.5 dozen orchids C) 7.25 dozen orchids D) 16 dozen orchids

Select the normative statement that completes the following sentence: If the minimum wage is raised:

A. cost per unit of output will rise. B. workers will gain their rightful share of total income. C. the rate of inflation will increase. D. profits will fall.