Every economic system must decide
a. what and how much to produce.
b. how to produce.
c. how to distribute goods and services to the population.
d. All of these.
d. All of these.
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To calculate GDP when using the income approach, you must add indirect business taxes and depreciation
Indicate whether the statement is true or false
When economists say the quantity demanded of a product has decreased, they mean the
a. demand curve has shifted to the left. b. demand curve has shifted to the right. c. price of the product has fallen, and consequently, consumers are buying more of it. d. price of the product has risen, and consequently, consumers are buying less of it.
A utility function is a mathematical function that assigns values to consumption bundles to represent the:
A. consumer's income. B. consumer's preferences. C. marginal rate of substitution. D. prices of the goods in the consumption bundle.
If income increases due to a decrease in taxes, then
A) utility will increase because consumers can afford a larger bundle of goods. B) utility will fall because consumers will be forced to buy a smaller bundle of goods. C) utility will remain constant. D) utility will increase because consumers will be forced to buy a smaller bundle of goods.