When economists use the terms "supply" and "demand," they are referring to
A) the roles economists must take to improve the economy.
B) the plans and ongoing negotiations among individual traders in the market process.
C) the ways people meet their needs in society.
D) the supply of money and the demand for money.
E) the supply of laws and the demand for laws in a well-governed society.
B
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Once wartime spending is under way and production is diverted away from household consumption items and private investment goods,
(a) real Gross National Product will likely fall. (b) the money supply will automatically increase. (c) inflation will likely rear its ugly head if productivity does not advance. (d) production and employment will fall.
A point that lies above the production possibilities frontier (PPF) represents a combination of at least two goods that is
a. unavailable. b. available. c. representative of efficient production. d. representative of inefficient production. e. none of the above
Which of the following goods is likely to have the most inelastic demand?
A. restaurant meals B. air travel C. movies D. cigarettes
All the people employed at or just above the minimum wage could be considered the _____.
Fill in the blank(s) with the appropriate word(s).