Group decision making by majority rule is more sound than decision making by an individual
Indicate whether the statement is true or false
F Sometimes majority rule cannot even produce a stable decision, whereas an individual can.
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The entrepreneur
A. runs his or her own business and risks his or her own money. B. does not necessarily run her or his own business nor risks her or his own money. C. runs his or her own business, but does not necessarily risk his or her own money. D. does not necessarily run her or his own business, but does risk her or his own money
________________ —a term describing a tool that economists use to determine the effect of an economic event on equilibrium price and quantity.
a. Equilibrium price b. The four-step process c. Demand schedule d. Supply schedule
If the demand curve for a good is unit elastic within a specific price range, this implies that within that price range the
a. consumers do not react to a change in price b. quantity demanded remains unchanged c. good has no substitutes d. good has no complements e. percentage change in the quantity demanded equals the percentage change in price
Under Alan Greenspan, the Fed:
A. Targeted interest rates only. B. Targeted the money supply only. C. Targeted the unemployment level. D. Used a mix of money-supply and interest-rate adjustments.