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Policymakers pursue all of the following goals to stabilize the economy except
competition and self-interest
organize the other factors and make things happen.
high unemployment.
technology.
There are not enough resources to make everything we want.
skills
How will goods be produced?
low unemployment due to guaranteed jobs
What is one advantage of a centrally planned economy?
competition and self-interest
organize the other factors and make things happen.
high unemployment.
technology.
There are not enough resources to make everything we want.
skills
How will goods be produced?
low unemployment due to guaranteed jobs
The ways in which factors of production are combined determines the answer to which economic question?
competition and self-interest
organize the other factors and make things happen.
high unemployment.
technology.
There are not enough resources to make everything we want.
skills
How will goods be produced?
low unemployment due to guaranteed jobs
A nation’s automakers install new robotic machinery to build cars. As a result, cars take only a day to make, and the factories can produce many more cars than before. This is an example of growth caused by
competition and self-interest
organize the other factors and make things happen.
high unemployment.
technology.
There are not enough resources to make everything we want.
skills
How will goods be produced?
low unemployment due to guaranteed jobs
Which of these terms could you use in place of the phrase “human capital”?
competition and self-interest
organize the other factors and make things happen.
high unemployment.
technology.
There are not enough resources to make everything we want.
skills
How will goods be produced?
low unemployment due to guaranteed jobs
Scarcity requires people to make choices. Why?
competition and self-interest
organize the other factors and make things happen.
high unemployment.
technology.
There are not enough resources to make everything we want.
skills
How will goods be produced?
low unemployment due to guaranteed jobs
Jean-Baptiste Say argued that entrepreneurs should be called the fourth factor of production because they
competition and self-interest
organize the other factors and make things happen.
high unemployment.
technology.
There are not enough resources to make everything we want.
skills
How will goods be produced?
low unemployment due to guaranteed jobs
What “invisible hand” regulates the free market economy?
competition and self-interest
organize the other factors and make things happen.
high unemployment.
technology.
There are not enough resources to make everything we want.
skills
How will goods be produced?
low unemployment due to guaranteed jobs
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