Manufacturers produce only what the market is willing to pay for.
Answer the following statement true (T) or false (F)
False
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The use of the federal budget to achieve macroeconomic objectives of full employment and sustainable economic growth is
A) done only when there is a budget surplus. B) called government GDP policy. C) called fiscal policy. D) done only when there is a budget deficit. E) called monetary policy.
Under fixed exchange rates, a central bank
a. adjusts the money supply automatically and immediately to changes in the demand and supply of foreign exchange b. need hold no reserves of foreign exchange c. enforces the fixed exchange rate by refusing to buy or sell foreign exchange whenever changes occur in demand or supply d. may find its reserves fluctuating as demand and supply conditions change e. has no authority to buy or sell foreign exchange
Discuss how economists calculate NI, PI and DI
If an increase in the price of accordions does not change total revenue from accordion sales, we can infer that demand for accordions is inelastic.
Answer the following statement true (T) or false (F)