When asked to give a range for the height of the tallest mountain in North America such that people were 90 percent confident the true number falls within it, most people gave ranges that were
too small.
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Suppose the following information describes the economy:Consumption3000Government Budget surplus500Government transfers and interest payments750Government tax collections1,750GDP6,000Private saving equals ____and national saving equals ________.
A. 3,000; 3,500 B. 1,500; 2,500 C. 2,000; 2,500 D. 1,250; 1,750
Answer the following statement(s) true (T) or false (F)
1. The stock market involves many buyers and sellers, and provides profit statements and stock prices. 2. Sellers include consumers who purchase goods. 3. The law of demand says that, other things being equal, when the price of a good or service falls, the quantity demanded increases. 4. An individual demand curve is a graphical representation of a horizontal summation.
Making more frequent, but smaller cash withdrawals from banks ________ the inflation losses from holding cash and ________ the shoe leather costs of inflation.
A. reduces; increases B. increases; increases C. reduces; has no impact on D. increases; reduces
One reason some manufacturing companies have moved production from overseas locations back to the United States is an increasing preference by U.S. consumers for products made in the United States. Assuming that managers at these companies used all
available information, including the increased preference by U.S. consumers for domestically produced, when making the decision to move production back to the United States exemplifies which key economic idea? A) People are rational. B) People respond to economic incentives. C) Optimal decisions are made at the margin. D) The market system relies on the principle of voluntary exchange.