Shelter for homeless people is an example of:
A. something they can live without.
B. a want.
C. a need.
D. something hard to find.
Answer: C
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According to traditional Keynesian economics, contractionary fiscal policy initiated by the federal government
An increase in the equilibrium quantity of a product will result
A) when the quantity of the product supplied exceeds the quantity demanded. B) when there is an increase in supply and an increase in demand for the product. C) when there is an increase in supply and a decrease in demand for the product. D) when there is an decrease in demand and a decrease in the cost of inputs used to make the product.
If demand is perfectly elastic, the absolute value of the price elasticity coefficient is
A) infinity. B) zero. C) one. D) equal to the absolute value of the slope of the demand curve.
The satisfaction a person receives from consuming goods and services is called
A) contentment. B) wealth. C) utility. D) psychic income.