Blog

Who gets scarce resources in a market economy?

Figure 4-6 Refer to Figure 4-6. The shift from S to S’ is called

To improve living standards, policymakers should

The producer that requires a smaller quantity of inputs to produce a certain amount of a good, relative to the quantities of inputs required by other producers to produce the same amount of that good,

Kevin and Laila are economists. Kevin thinks that the wealthiest 10 percent of the U.S. population should be taxed a rate higher than the rest of society because they can better afford it. Laila thinks that everyone should be taxed at the same rate because that is the fairest scenario and the wealthy should not be penalized for their success. In this example, Kevin and Laila

Suppose there are only two people in the world. Each person’s production possibilities frontier also represents their consumption possibilities when

Which of the following is not an example of a market?

The principle of comparative advantage does not provide answers to certain questions. One of those questions is

Table 3-11 Assume that Jamaica and Sweden can switch between producing coolers and producing radios at a constant rate. ​   Output Produced in One Day Coolers                  Radios Jamaica 12 6 Sweden 24 3 ​ ​Refer to Table 3-11. Jamaica’s opportunity cost of one cooler is

Where are the course exams are completed?