Substitution of one commodity for another depends on all of the following factors, EXCEPT:
a. prices of the goods available to the consumers.
b. tastes and preferences of the buyers.
c. the information buyers possess.
d. market protocols.
D
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When potential GDP increases,
A) there is a movement down along the AS curve. B) there is a movement up along the AS curve. C) there is neither a movement along nor a shift in the AS curve. D) the AS curve shifts leftward. E) the AS curve shifts rightward.
A useful macroeconomic model
A) is extremely realistic. B) is simple. C) never generates testable hypotheses. D) provides a lot of intricate details.
The current Medicare system is designed so that it actually encourages
A) cost reductions. B) higher costs of medical services. C) higher costs only for surgeries. D) lower drug costs for recipients.
Which two of the Ten Principles of Economics are illustrated in this chapter?
a. A country's standard of living depends on its ability to produce goods & People face tradeoffs. b. Prices rise when the government prints too much money & Governments can sometimes improve market outcomes. c. Governments can sometimes improve market outcomes & People face tradeoffs. d. People face tradeoffs & Prices rise when the government prints too much money .