Dwindling resources encourage the development of substitute products.
Answer the following statement true (T) or false (F)
True
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Payments that users (consumers) are required to make if they want to receive certain services provided by the government are called
a. tax deductions. b. transfer payments. c. user charges. d. sales taxes.
If the economy could produce 42 consumer goods and 12 capital goods, given the current production possibilities curve, the economy would be producing ___________________ (outside/on/inside) the curve.
Hypothetical Production Schedule for a Two-Product Economy
The Federal Reserve CANNOT do one which one of the following?
A. Change the tax rate on profits B. Change the discount rate C. Change the required reserve ratio D. Change margin requirements
If there is a shortage in a free market, then
A) consumers will offer to pay a lower price for the good, and the price will fall toward the equilibrium level. B) consumers will offer to pay a higher price for the good, and the price will rise toward the equilibrium level. C) suppliers will decrease their output to match demand. D) suppliers will accept any price below equilibrium.