American households spend about ____ of the average family budget on services, with the rest spent on goods.
A. one-half
B. two-thirds
C. one-quarter
D. one-tenth
Answer: B
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Social forces:
a. affect the price mechanism through cultural norms. b. affect the price mechanism through the educational system. c. affect the price mechanism through scarcity. d. do not affect the price mechanism.
Figure 15-3
As shown in , if people behave according to rational expectations theory, an increase in the aggregate demand curve from AD1 to AD2 will cause the price level to move
a.
directly from 100 to 105 and then remain at 105.
b.
directly from 100 to 110 and then remain at 110.
c.
from 100 to 105 initially and then eventually move back to 100.
d.
from 100 to 105 initially and then eventually move to 110.
Due to the distortionary effects of inflation, capital investment may be reduced due to higher price levels.
Answer the following statement true (T) or false (F)
Suppose three roommates cannot agree on the size of a pizza to order. Domino argues for a medium pizza, Godfather contends a large pizza will be needed, and Little Caesar wants a super-large pizza. Assuming no paradox of voting, majority voting will
result in a decision to order: A. a medium pizza. B. a large pizza. C. a super-large pizza. D. two medium pizzas.