Full 104 page summary of Monetary Economics (ECS3701) Module Questions and Answers

Which of the following is not one of the questions that all economies must answer? a. What to produce? b. how to produce? c. what price to produce at? d. none of the above - -c. what price to produce at? -Opportunity Costs are? a. Always present in any action b. The lost benefit of the best forgone alternative action c. important to understanding the concept of comparative advantage d. All of the Above - -D. All of the above -Factors of production? a. Earn income in the factor market b. Include land, labor, and capital c. Are inputs to products d. All of the above - -D. All of the Above -Institutions are collective understanding that influence individual action? a. True b. False - -A. True -Almost all modern economies are referred to as mixed market economies because? a. They combine aspects of capitalism, socialism, and traditional economic systems b. The operation of markets is complicated c. There are many different types of markets d. None of the above - -a. They combine aspects of capitalism, socialism, and traditional economic systems -The economic concept of comparative advantage tells us, a. That everybody has something to offer b. That labor will always earn a competitive wage c. That interest rates are the price of financial capital d. None of the above - -a. That everyone has something to offer to the market -Which of the following people is in the labor force? a. A 32-year old taxi driver who has just lost his job but is looking for a new one b. A 22-year old college Graduate who just started looking for a job. c. A 40-year old stay at home parent d. Both A and B - -D. Both A and B