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3. According to the textbook, equality means that
A. all members of society have the same income.
B. society is getting the most it can from its scarce resources.
C. society's goods and services are distributed according to need.
D. the benefits of society's resources are distributed uniformly among society's members.
E. A and B, only
4. According to the textbook, efficiency means that
A. society is getting the most it can from its scarce resources.
B. society's goods and services are distributed according to need.
C. society is conserving resources in order to save them for the future.
D. society's goods and services are distributed fairly among society's members.
E. C and D, only
Which of the following statements is (are) correct?
(x) In the market, prices, profit and self-interest guide the decisions of many firms and households.
(y) Without government’s protection of property rights businesses would have less incentive to provide goods and services.
(z) One advantage market economies have over central planning is that market economies are more efficient than centrally planned economies.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (y) only
3. According to the textbook, equality means that A. all members of society have the same...
Efficiency means that a. society's goods and services are distributed fairly, though not necessarily equally, among society's members. b. society is conserving resources in order to save them for the future. c. society is getting the maximum benefits from its scarce resources. d. society's goods and services are distributed equally among society's members.
Which of the following statements is (are) correct? (x) College students often choose to attend college even though it reduces the present level of income because they believe that future income and job satisfaction will be greater if they successfully earn a higher degree of education. (y) For many community college students, the largest single cost of a college education is the wages given up to attend school. (z) If wages for high school graduates rise, but college tuition does...
Allocation of resources if efficient when O people are conserving resources in order to save them for future generations. o the fruits of production are distributed equally among the members of society. o all members of society are satisfied with the distribution of goods and services. O people are getting the maximum benefit from the scarce resources they have.
1) Which of the following statements about scarcity is correct? (2pts) Scarcity sould be eliminated if a society followed the policy "from each according to H to each acfording to his needs." rápis a problem facing all societies, regardless of how they are organized. Carcity is a problem for poor societies, but not for affluent ones All of the above None of the above 2) Efficierfy means that (2pts) spciety's resources are distributed fairly among society's O society is getting...
5. According to the textbook, which of the following statements is (are) correct? (x) From 1960 to about 1975 in the United States, net capital outflow was small and sometimes negative and sometimes positive. (y) Most of the change from 1991 to 2000 in U.S. net capital outflow as a percent of GDP was due to a decrease in U.S. investment (z) In the U.S. from 2000 to 2006, net capital outflow as a percent of GDP became a larger...
Economists use the word equity to describe a situation in which Question 9 options: 1) each member of society has the same income 2) those in society who have the least will receive the most 3) the benefits of society's resources are distributed fairly among society's members 4) society is getting the most it can from its scarce resources Productivity is defined as the 1) amount of labor which can be saved by replacing workers with machines 2) number of...
8. According to the textbook, which of the following statements about the Federal Open Market Committee (FOMC) is (are) correct? (x) At the Federal Reserve, the nation’s monetary policy is made by the FOMC, which meets about every six weeks to discuss changes in the economy. (y) At any given time, the voting members of the FOMC include five of the presidents of the regional Federal Reserve banks, the president of the Federal Reserve Bank of New York and the...
1.In a capitalist economy, the market value of something is determined by......and....... Prices are the quantification of those values in terms of the money that is used. When the supply of something is high, relative to demand, the price will be........ When the demand for something is .........relative to the supply, the price will be high. When the....... for something is low relative to the......., the price will be high. Prices play an important role in the market economy because...
5. The problem of determining what goods and services society should produce: A.exists because we can produce more than we need or want. B.exists because there are not enough resources to provide all the goods and services that people want to purchase. C.would not exist if all goods and services were scarce. D.would not exist if government owned all of the resources.(I picked B)8. When markets fail: (Points: 3) A- government intervention may help. B- the market realizes the maximum...
Test 1-4 Part A 1. Scarcity as defined in economics: K. Occurs when there are not enough resources to produce all that a society desires L. Is a problem only faced by the Less Developed Countries (LDCs). M. Is not an issue for the affluent industrially-advanced nations. N. Refers to situations where the producer of a product is making its profit by creating fear. O. Refers to shortages of goods and services when the price level is too low 2....