What ultimately determines what is produced under the concept of consumer sovereignty?
a. owners of capital
b. government planning officials
c. people who buy products
d. people who make products
c. people who buy products
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A pervasive tradeoff in financial markets relates risk to expected returns. Which of the following statements reflects this relationship?
a. The higher the risk of an asset, the lower the expected return on the asset. b. There is usually no relationship between risk and return. c. The higher the risk of an asset, the higher the expected return on the asset. d. The return on an asset is normally positively related to the risk of comparable assets. e. The return on a risky asset cannot be compared with the return on a risk free asset.
Elasticity of supply becomes ________ elastic over time because ________
a. less; of the growing scarcity of resources b. less; suppliers have more time to acquire additional resources to achieve desired capacity c. more; demand becomes more inelastic d. more; demand will always continue to increase e. more; suppliers have more time to acquire additional resources to achieve desired capacity
If the price of inputs rises when a nation is in the intermediate range:
a. Real GDP remains the same and average price level rises. b. Real GDP remains the same and average price level remains the same. c. Real GDP falls and average price level rises. d. Real GDP falls and average price level falls. e. Real GDP falls and average price level remains the same.
Which of the following is an example of a positive economic statement?
A) The U.S. public should devote more resources to education. B) The poor should pay lower taxes and the rich should pay higher taxes. C) Soap operas should be taken off television. D) If you drop a ball from the top of a building, it will fall to the ground.