In a free-market economy, prices coordinate society's decisions about
a. how and for whom to produce.
b. what, how, and for whom to produce.
c. how and for whom to produce but not how much to produce.
d. how much and for whom to produce but not how to produce.
b
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Differences in marginal revenue products among workers can help explain the presence of wage differentials
a. True b. False
Economists who believe that policy errors are the source of economic instability argue that the crisis of 2008 was primarily the result of
a. housing regulations that undermined sound lending practices and Fed policies that generated the housing boom and bust. b. the stock market crash. c. the actions of speculators who drove up the world price of oil, the domestic price of gasoline, and other energy sources. d. persistently high interest rates during the decade leading up to the crisis.