Saving is necessary for production because
a. more roundabout production is better
b. less roundabout production is better
c. production takes time
d. production is expensive
e. production requires labor
C
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High inflation can do which of the following?
A) increase shoeleather costs B) distort consumption choices C) arbitrarily redistribute income D) all of the above
What is the domino effect or contagion?
What will be an ideal response?
The retirement poverty problem is that
A. retirement makes people feel poorer because they are not engaged in productive work. B. without Social Security payments, almost all seniors would be in poverty. C. many workers are too poor to save for retirement. D. many retired people live in poverty.
Which is a determinant of supply?
a. Consumer income b. Tastes and preferences c. Production (resource) costs d. Number of consumers