Outputs in the production process are
A. resources.
B. pollution.
C. money.
D. goods and services of value to households.
Answer: D
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The___________is the principle that suppliers will normally offer more for sale at higher prices than lower prices.
a. law of supply b. law of demand c. law of inputs d. law of price
A decrease in household income for a good that is considered inferior would
A. move its demand curve to the left. B. move its demand curve to the right. C. cause a movement along the demand curve to a (higher price, lower quantity) point. D. cause a movement along the demand curve to a (lower price, higher quantity) point.
There is a high correlation between the number of automobiles on the road and the amount of carbon emissions in the atmosphere. This statement is best described as
A. an implication of an efficient market. B. a normative statement. C. a marginal statement. D. a positive statement.
Which of the following can the government use as a tool of fiscal policy if it wants to increase the level of real GDP in the economy?
A. An increase in government expenditure B. A decrease in government expenditure C. A cut in taxes