Which of the four types of decision makers in the U.S. economy plays the largest role?
a. U.S. firms and government because they produce the products that households consume
b. U.S. households because they supply goods to the product markets and are demanders in resource markets
c. foreign households, firms, and governments because they greatly outnumber those of the United States
d. U.S. firms and government because they create employment for domestic households and produce goods and services
e. U.S. households, as buyers in product markets and sellers in resource markets
E
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Why are people more inclined to pick up a dime off the pavement in a parking lot, but not so inclined to dig three feet into the earth for a previously-buried dime?
A) The entrepreneurial spirit of Americans is gone. B) They don't know the value of the dollar—or dime—anymore. C) They weigh the expected additional costs and benefits, and choose accordingly. D) People haven't taken enough economics in college.
Wealth differs from income in that
A) income measures value at a point in time and wealth measures value over a period of time. B) income measures value over a period of time and wealth measures value at a point in time. C) income is what you own and wealth is what you earn. D) wealth can be measured in dollars and income cannot.
In year 2008, 1334 million lbs of milk was produced and sold in U.S. This is
A) the decision of the U.S. department of agriculture. B) quantity determined by the interactions in the market. C) the maximum amount the producers could produce. D) what consumers needed.
If the price of good X increases and this causes an increase in the demand for good Y, then goods X and Y are substitute goods
a. True b. False Indicate whether the statement is true or false