The optimal number of units to produce is best expressed when:
a. marginal benefit exceeds marginal cost
b. marginal cost exceeds marginal benefit
c. marginal benefit and marginal cost are close to equal
d. both a and c
c
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An economic system
a. must answer the three economic questions to the satisfaction of everyone in society b. must not allow some members of society to gain an unfair advantage when answering the three economic questions c. must choose pure capitalism to adequately answer the three economic questions d. is a set of social institutions and mechanisms organized to answer the three economic questions e. can address problems of scarcity only by embracing the social institution of private property
Which of the following best describes the impact of technological change on labor? a. Technology causes unemployment in the short run and lower incomes in the long run
b. Technology causes unemployment in the short run and higher incomes in the long run. c. Technology causes unemployment in the long run and higher incomes in the short run. d. Technology causes unemployment in the long run and lower incomes in the short run. e. Technology causes unemployment and lower incomes in both the long run and the short run.