A command system is a method of coordinating a firm's productive resources that uses
A) government regulations.
B) discipline and punishment.
C) a managerial hierarchy.
D) survival of the fittest.
C
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Why is the budget line downward sloping?
A. Income effect B. Opportunity costs C. Comparative advantage D. Diminished marginal utility
In the event of excess supply in the coffee market:
A. the price of coffee will increase. B. the price of coffee will decrease. C. the supply of coffee will decrease (supply will shift to the left) to meet the demand. D. the demand for coffee will increase (demand will shift to the right) to meet the supply.
Wants
A. is another term for needs. B. are used by economists and refer to the same thing as needs when used by psychologists. C. is the term used by economists instead of needs because needs are not objectively definable. D. refer to services while needs refer to goods.