The air force just hired a defense contractor to produce one hundred fighter jets. This action answered which basic economic question?
a. What is the best method of production?
b. How will the goods and services be produced?
c. Who will get the goods and services?
d. What goods and services will be produced?
d. What goods and services will be produced?
You might also like to view...
Answer the following statement(s) true (T) or false (F)
1. The sum of all polluters’ MACs equals the marginal social cost (MSC) of abatement. 2. Much of the air pollution in Catano, Puerto Rico was linked to a nearby oil refinery. 3. By definition, the marginal abatement cost (MAC) curve shows the change in costs associated with higher levels of abatement, using the most widely available technology. 4. The marginal cost of enforcement (MCE) must be added vertically to the MACmkt to derive the marginal social cost (MSC) of abatement function. 5. If a standard is set to balance the well-being of society with the associated costs, it is called a benefit-based standard.
If in fiscal year 2015, the federal government receives $2.2 trillion in revenues and spends $3.5 trillion for goods and services, the national debt will
A. increase by $2.2 trillion. B. increase by $1.3 trillion. C. decrease by $1.3 trillion. D. decrease by $2.2 trillion.