Answering the for Whom to Produce Question Means That

question 70

Multiple Choice

Answering the For Whom to Produce question means that:

• A) society is determining the size of the economic pie,
• B) scarcity no longer restricts production.
• C) society must have a method to decide who will be rich and who will be poor.
• D) an economy is selecting among its resources for production.

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Definitions:

Board of Governors

A governing body or executive committee that oversees the policy-making, management, and proper conduct of an organization, institution, or central bank.

New York Federal Reserve

One of the 12 Federal Reserve Banks of the United States, it plays a key role in monetary policy, financial supervision, and the payment system.

Interest On Reserves

The rate paid by central banks to financial institutions on the excess reserves they hold at the central bank.

Money Supply

The complete financial assets volume in an economy at a designated point in time.