As we move up along a linear demand curve, the price elasticity of demand becomes more:
A. variable.
B. log-linear.
C. elastic.
D. inelastic.
Answer: C
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Differences in income are most directly related to which of the following economic question?
A) What goods and services are produced? B) In what quantities are various goods and services produced? C) How are goods and services produced? D) Who consumes the goods and services that are produced?
A sole proprietorship is the type of business that has ________ government rules and regulations affecting it
A) only federal B) the fewest C) the most D) no
The maximum possible production of goods and services generated by the fullest employment of the economy's resources is
a. impossible to achieve b. an unrealistic goal seldom achieved c. economic efficiency d. a point above the production possibilities curve e. possible only if the production possibilities curve shifts inward
When money is used to express the value of goods and? services, it is functioning as a
A) medium of exchange. B) store of value. C) store of purchasing power. D) unit of account.