People who believe that consumer sovereignty is a reasonable ideal are likely to agree that:
A. people's wants are plastic and easily manipulated by advertising.
B. people often have self-control problems that make it difficult to figure out exactly what they do want and what is best for themselves.
C. people sometimes need to be protected from themselves.
D. people should be allowed to do whatever they want as long as no one else is hurt.
Answer: D
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During last year, a country produced 20,000 pizzas and 10,000 hamburgers and nothing else. The pizzas sold for $10.00 each and the hamburgers for $3.00 each. Nominal GDP was
A) $230,000. B) $70,000. C) $460,000. D) $390,000. E) $360,000.
Vineyards can grow either red wine grapes or white wine grapes on their land. Which of the following would cause the supply of red wine grapes to decrease?
A) an increase in the price of white wine grapes B) an increase in the demand for red wine grapes C) a decrease in the price of white wine grapes D) an increase in the price of red wine
What was the consequence of the United States putting an anti-dumping tax on flat panel displays?
a. It created a trade war with other countries. b. It protected buyers from paying a low price for flat panels display. c. It increased employment in the United States. d. It drove the laptop manufacturing industry out of the United States.
Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary