Consumers are sovereign when
A) prices are decided by sellers.
B) a few consumers exercise coercion on sellers and other consumers.
C) they can prevent market failure.
D) they have the freedom to decide what they wish to purchase.
Answer: D
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Gold and silver have historically been the most common form of commodity money
a. True b. False Indicate whether the statement is true or false
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Macro AD-AS Model
In Exhibit 14A-4, the self-correction argument is that in the long run, competition:
A. from unemployed workers causes an increase in nominal wages and a leftward shift in SRAS. B. from unemployed workers causes a rightward shift in SRAS. C. among firms for workers increases nominal wages and this causes a leftward shift in SRAS. D. among consumers causes an increase in the CPI and a rightward shift in SRAS.
The price elasticity of supply is higher when
A) the number of producers in the market increases over time. B) the product in question is a complementary good. C) the number of buyers in the market increases. D) producers have less time to adjust to price changes.
Specialization and trade do not allow individuals, firms, or even nations to acquire goods that lie beyond their production capabilities
a. True b. False Indicate whether the statement is true or false