Another description for capitalism is:
a. The socialist economy
b. The market system
c. The system of inputs and outputs
d. The command system
Ans: b. The market system
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Which of the following best defines capital as a factor of production?
A) the gifts of nature that businesses use to produce goods and services B) the knowledge and skills that people obtain from education and use in production of goods and services C) financial assets used by businesses D) instruments, machines, and buildings used in production
Consider the market for gasoline in a moderately large city. All else constant, it would be reasonable to conclude that the price elasticity demand for any individual gas station would be higher (more elastic) than the price elasticity of demand for
gas in general. Indicate whether the statement is true or false
During the 2007-2009 financial crisis the excess reserve ratio
A) increased sharply. B) decreased sharply. C) increased slightly. D) decreased slightly.
Which of the following is likely to result in a higher equilibrium price? a. An increase in both demand and supply
b. A decrease in both demand and supply. c. An increase in demand and a decrease in supply. d. A decrease in demand and an increase in supply.