Relative to a franchisee, a manager of a company owned store is more likely to
a. Work very hard
b. Not work as hard
c. Work only evenings
d. Work only night shifts
b
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Suppose the CPI does indeed overstate the inflation rate. When the CPI increases by 5% and household incomes increase by 5%, we should conclude that real incomes of households have:
A. increased more slowly than has inflation. B. increased. C. decreased. D. stayed constant.
One common definition of economics is the study of
A. how scarcity increases opportunities to meet ends. B. how markets overcome scarcity. C. one goal and three tasks. D. how to use limited means to meet unlimited wants. E. wants versus needs.
The Marxist view would say that there is an overproduction of goods by the private sector.
A. True B. False C. Uncertain
Which of the following situations represents an economic problem?
a) A student trying to decide how to spend his weekly allowance. b) A country choosing to sacrifice some privacy in order to gain more security. c) Neither situation is an example of an economic problem. d) Both situations are examples of an economic problem.