In deciding on how to spend their resources, consumers try to
A. maximize expenditures.
B. choose the combination of goods that yield the highest level of personal satisfaction.
C. choose the combination of goods that costs the least.
D. maximize profit.
B. choose the combination of goods that yield the highest level of personal satisfaction.
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A person's wealth is the total value of all the things they own.
Answer the following statement true (T) or false (F)
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.
Assume that soda and bottled water are substitutes. Given a downward sloping demand curve for bottled water, an increase in the price of bottled water will cause
A. a leftward shift of the demand curve for bottled water. B. a decrease in the demand for soda. C. a leftward shift in the demand for soda. D. an increase in the demand for soda .
The paper currency of the United States is issued by
A) state governments and the Fed. B) state governments and the U.S. Treasury. C) the U.S. Congress. D) the Fed.