When consumers decide what goods and services the economy produces, they are said to exercise
a. control over production of resources
b. control over all economic activity
c. the direction of the circular flow
d. consumer sovereignty
e. control over nonrenewable resources
D
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In a fixed exchange rate system, a decrease in the exchange rate at which a currency is pegged is called a(n)
A) devaluation. B) revaluation. C) appreciation. D) depreciation.
If University of Nebraska increased its season football ticket sales from 43,000 to 47,000 when it lowered price from $350.00 to $300.00, then its demand for season tickets must be ________ because total revenue ________ when the price was lowered
A) elastic; decreased B) elastic; increased C) inelastic; decreased D) inelastic; increased
The existence of economies of scale can create ________
A) a natural monopoly B) a government monopoly C) a legal monopoly D) a market in which many firms make identical products
Refer to the figure above. This country's imports equal
A) CE units of X. B) GH units of Y. C) CD units of X. D) DE units of Y.