Which of the following is an example of consumption?
a. Fender Corp. buys a new robot for its automobile factory.
b. Karabo buys cheese at a store for her dinner.
c. Joe’ s Hardware buys a new cash register.
d. Cook County buys a new printer for office use.
b. Karabo buys cheese at a store for her dinner.
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As Mary's income increases by 20 percent, her demand for tickets to National Hockey League games increases by 10 percent. Mary's demand for tickets is income ________; for Mary, hockey tickets are ________ good
A) elastic; a normal B) inelastic; a normal C) elastic; an inferior D) inelastic; an inferior
What is an arrangement between countries to allow free trade between members called?
a. economic union b. common market c. trade forum d. free trade agreement
The principal factor determining velocity is the
a. level of income. b. frequency with which paychecks are distributed. c. frequency with which taxes are paid. d. growth rate of real output.
To maintain their standard of living, most people rely on
a. government assistance. b. their personal savings. c. their labor earnings. d. rental income.