Which of the following is not an economic institution?
A. Government
B. Corporations
C. Cultural norms
D. None of the answers is correct.
Answer: D
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Refer to the above figure. As the real national income expands from Y2 to Y3,
A) tax revenues fall. B) a budget deficit occurs. C) government transfers rise. D) a budget surplus occurs.
Which of the following is not a characteristic of a market with a price floor?
A. Quantity demanded exceeds quantity supplied B. Sellers offering discounts in disguised forms C. Problem of disposal created by excess supply D. Survival of less efficient businesses
Refer to the figure above. Suppose Starbucks charges $3.50 per cup for its latte. Which of the following is true?
i. At this price, the demand for Starbucks latte is inelastic. ii. If Starbucks raises the price of its latte, its revenue will increase. iii. If Starbucks lowers the price of its latte, it will increase its revenue. A) Only iii B) Only i C) Only ii D) i and ii E) i and iii
Contractionary monetary policy and expansionary fiscal policy both reduce net exports in an open economy
Indicate whether the statement is true or false