Government purchases in national income accounts would include payments for ________.
A. unemployment benefits
B. salaries for current U.S. military officers
C. public assistance for welfare recipients
D. Social Security checks to retirees
Answer: B
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When people make rational choices, they
A) do not consider their emotions. B) weigh the costs and benefits of their options and act to satisfy their wants. C) are necessarily making the best decision. D) necessarily make a decision in the social interest. E) behave selfishly.
If there is a shortage of gasoline, then
A) the purchase plans of buyers are not being fully achieved. B) buyers will tend to compete amongst themselves for more gasoline. C) the price of gasoline will tend to rise. D) all the above are true. E) none of the above is true.
In an attempt to raise sales, Hannah cut prices in her bookstore by 20 percent. If the dollar value of her sales remained constant, that indicates
a. old customers bought no more books. b. no new customers bought books. c. the quantity of books sold increased 20 percent. d. the demand curve is vertical.
In Figure 4.4, supply elasticity is infinite in graph:
A. A. B. B. C. C. D. D.