In economics, the meaning of demand refers to
A) how badly someone wants a good.
B) the quantities of a good that people will buy at various prices.
C) the quantities of a good that people will sell at various prices.
D) the total satisfaction that consuming a good provides people at different prices.
Answer: B
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Suppose that the consumer price index at year-end 2004 was 140 and by year-end 2005 had risen to 150. What was the inflation rate during 2005?
What will be an ideal response?
Which of the following is NOT a characteristic of perfectly competitive markets?
A) The government restricts the number of producers through licensing requirements. B) All market participants are price-takers. C) It is easy to find a trading partner. D) All products are identical.
A person's productive contribution in a capitalist society is measured by determining the
A) market value of the individual's output. B) comparable output of other workers in similar jobs. C) total number of goods produced by the individual. D) index of occupational values.
Which of the following characteristics of Exland, a less-developed country, is not typical?
a. a high percentage of the population under 15 b. political instability c. modern technology d. lack of infrastructure e. dependence on exports of natural resources