An answer to the question "How are goods produced?" determines:
A) who receives the goods that are produced.
B) how tastes and preferences are determined.
C) how resources are combined in the production of goods.
D) the types and quantities of goods and services produced.
Ans: C) how resources are combined in the production of goods.
You might also like to view...
Using the definition of unemployment, which of the following individuals would be unemployed?
A) A full-time student quits school, enters the labor market for the first time, and searches for employment. B) Because of the increased level of automobile imports, an employee of General Motors is laid off but expects to be called back to work soon. C) Because of a reduction in the military budget, your next door neighbor loses her job in a plant where nuclear warheads are made and must look for a new job. D) All of these individuals are unemployed.
Before World War II, Alcoa controlled the supply of bauxite in the United States. Because bauxite is a scarce resource that is vital to the production of aluminum:
a. Alcoa was bound to charge a nominal price in the U.S. aluminum market. b. Alcoa had a monopoly in the U.S. aluminum market. c. the U.S. aluminum market was highly competitive. d. Alcoa can be said to have operated in a monopolistically competitive market. e. Alcoa can be said to have operated in an oligopolistic market structure.