Socialism in theory is based on the principle that individuals should:
A. cooperate with one another to meet their needs.
B. rely on the government to meet their needs.
C. look out for their own interests and let the government look out for the public interest.
D. compete with one another to meet their needs.
Answer: A
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If the deficit is 0.08 times GDP, the existing debt—GDP ratio is 0.8, and the growth rate of nominal GDP is 0.05, then the change in the debt—GDP ratio is
A) +0.08 B) +0.04. C) 0. D) -0.08.
Refer to the diagrams. Curve A:
A. is an investment schedule and curve B is a consumption of fixed capital schedule.
B. is an investment demand curve and curve B is an investment schedule.
C. and curve B are totally unrelated.
D. shifts to the left when curve B shifts upward.
Suppose that accountants increase the price for calculating income taxes owed by 20 percent. The short-run demand for their service is less elastic than the long-run demand because in the long run consumers will ________
A) spend less on this service B) experience an increase in income C) try to avoid paying their income tax D) find other ways to calculate the income tax they must pay
Consumers are willing to pay a higher price for a product with a brand name as opposed to a generic product because:
a. a brand name provides a signal about a product's quality and reliability. b. they are willing to pay more for the privilege of watching the firm's commercials. c. a product with a brand name is always of higher quality. d. consumers maximize utility by purchasing the most expensive products. e. consumers are irrational.