________ choose the quantities of factors of production to hire, and ________ choose the quantities of goods and services to produce
A) Entrepreneurs; firms
B) Firms; firms
C) Markets; markets
D) Factor markets; goods markets
E) Firms; households
B
Economics
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If an economy is operating inside its production possibilities curve for tanks and bread:
a. scarcity does not exist b. all resources are being used efficiently. c. production of bread can only increase by sacrificing the production of tanks. d. production of bread and tanks can both increase.
Economics
The following are hypothetical exchange rates: 2 euros = 1 pound; $1 = 2 pounds. We can conclude that:
A. $1 = 4 euros. B. $1 = .5 euro. C. 1 euro = $.50. D. 1 euro = $2.
Economics