By consumer sovereignty we mean that:
A. all goods and services are produced by consumers.
B. consumers determine what goods and services are produced.
C. businesses decide what the consumer will buy.
D. government is responsible for protecting consumer interests.
Answer: B
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Which of the following changes in taxes would lead to the smallest increase in consumption?
a. a $20,000 decrease in taxes, if MPC equals 0.5 b. a $12,000 decrease in taxes, if MPC equals 0.75 c. a $15,000 decrease in taxes, if MPC equals 0.6 d. a $30,000 decrease in taxes, if MPC equals 0.25
The concept of absolute poverty states that anyone who falls too far behind the average income should be considered poor
a. True b. False Indicate whether the statement is true or false
After World War II millions of mortgages were provided by two federal government agencies, the __________ and the ____________.
Fill in the blank(s) with the appropriate word(s).
A nation with an official settlements balance of $50 billion is likely to experience a:
A) balance of payments surplus and accumulate $50 billion in international reserves B) balance of payments deficit and accumulate $50 billion in international reserves C) balance of payments surplus and a decline of $50 billion in international reserves D) balance of payments deficit and a decline of $50 billion in international reserves