An economy does not move smoothly from recession to growth because of:
a. differing regional labor codes.
b. seasonal fluctuations and random disturbances.
c. consumers who do not know what to buy.
d. policymakers who do not know what to do.
b
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The owner of a productive resource is most usefully thought of as the person who
A) can appropriate the income from its use. B) can use it most efficiently. C) is willing to pay the most to obtain it. D) possesses legal title.
A risk averse individual
a. values a lottery at more than its expected value b. values a lottery at exactly its expected value c. values a lottery at less than its expected value d. tends to play lots of lotteries
This table shows price and quantity produced for a single firm in a perfectly competitive market.PriceQuantity$1023$1024$1025$1026Given the information in the table shown, what is the market price?
A. $2 B. $20 C. $260 D. $10
The federal backing for the money in the United States comes from:
A. pledging physical assets, such as land, natural resources, and public buildings as collateral for outstanding currency. B. protecting checkable deposits at financial institutions with deposit guarantees. C. control over the money supply designed to keep the value of money relatively stable over time. D. providing sufficient quantities of precious metals such as gold and silver to cover the amount of paper money in circulation.