In a modern mixed economy, who decides what goods and services will be produced?
A) only the producers B) only the government
C) only consumers D) all of the above
D
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The figure above shows the demand for fruit snacks. Which movement reflects an increase in demand?
A) from point a to point e B) from point a to point b C) from point a to point c D) from point a to point d
If the value of marginal product of a factor of production exceeds the price of the factor, the
A) firm should hire more of that factor. B) firm should hire less of that factor. C) firm is maximizing profits. D) firm should shut down.
Which of the following correctly describes the difference between commodity money and fiat money? a. Fiat money is only used in Italy, and is issued by a major Italian automobile manufacturer to support Italian schools. b. Commodity money is either made out of a valuable commodity like silver or gold, or is redeemable for a valuable commodity. Fiat money is not. c. Commodity money can only be
used to buy commodities such as grains or lumber, while fiat money can be used to buy anything. d. Fiat money is used during times of emergency, such as hurricanes or war, when the existing stock of commodity money is inadequate to purchase needed goods and services.
If diminishing marginal utility holds, and a person consumes less of a good, then all else being equal
a. the price of the good will rise b. total utility will rise c. marginal utility will rise d. expenditure on the good will increase e. marginal utility will decline