Which of the following equations is correct?
A) Saving = Disposable income + Consumption
B) Saving = Disposable income x Consumption
C) Disposable income = Consumption - Saving
D) Saving = Disposable income - Consumption
D
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When deciding to implement a congestion tax, economists and the government would use the elements of the economic way of thinking to primarily determine
A) what tax amount should be charged. B) who should be exempt from the tax. C) if the tax would be allocated equitably. D) how much revenue will the tax generate.
Which of the following can be said about economic growth?
I. Economic growth is the result of increases in long-run aggregate supply. II. Economic growth is the result of increases in aggregate demand. A) I only B) II only C) I and II D) neither I or II
In order to maximize profits, firms organize their production using
A) only a command system. B) only an incentive system. C) a combination of command and incentive systems. D) neither a command nor an incentive system.
An increase in the demand for orthodontic services leads to
A) an increase in the supply of orthodontists. B) a rise in the rates of dental insurance. C) lower prices for orthodontic care. D) an increase in the demand for orthodontists.