The goal of the consumer in a market economy is to use his or her limited income to buy
A. The goods and services that maximize profits for businesses.
B. Those goods and services with the lowest prices.
C. The set of goods and services that maximizes the consumer's total utility.
D. The greatest number of goods and services possible.
Answer: C
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Other things equal, a particular job will likely pay a higher wage if it involves
a. danger to the worker. b. personal enjoyment for the worker. c. intellectual stimulation for the worker. d. All of the above are correct.
The New Economy is one of
a. durable goods. b. services. c. information. d. manufacturing.
An exchange rate is the price of one commodity (e.g., corn) measured in terms of another commodity (e.g., wheat)
a. True b. False
An explanation for why the short-run aggregate supply curve is upward-sloping is because:
a. nominal incomes are fixed. b. the quantity of real output supplied is inversely related to the aggregate supply curve. c. an increase in price will increase the supply of money. d. the capital-output ratio.