Past expenses are irrelevant to supply decisions, because
A) expenses incurred in the past never affect the opportunities available in the present.
B) it is essential to avoid bankruptcy.
C) no one remembers the past.
D) supply decisions depend on opportunities that will have to be forgone, not opportunities already forgone.
D
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Automobiles and many other products are differentiated. As a result
A) consumers of automobiles have difficulty deciding what type of imported automobile to buy. B) we see countries specializing completely in the production of automobiles. C) different countries may each have a comparative advantage in producing different types of automobiles. D) the quality of imported automobiles is less than it could be.
When there is an excess quantity of a product supplied, there will be
A) a tendency for price of the product to increase. B) a tendency for price of the product to fall. C) incentives for consumers to leave the market. D) upward pressure on the price of labor.
The quantity theory of money predicts that, in the long run, inflation results from the
A) velocity of money growing at a faster rate than real GDP. B) velocity of money growing at a lower rate than real GDP. C) money supply growing at a lower rate than real GDP. D) money supply growing at a faster rate than real GDP.
In 2010, the top 1% of households in the U.S. owned about how many percent of total wealth in the nation?
A. 20% B. 10% C. 35% D. 50%