Consumer sovereignty implies that
a. producers determine what goods will be produced and consumers are free to choose from among them
b. consumers choose the composition of our economy's output
c. goods are produced on the basis of need
d. the government directs the production of consumer goods in the economy
e. a committee of consumers determines the key issues in the economy
B
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If a significant portion of firms in the economy does not adjust product prices, a predicted result according to new Keynesian theory is
A) real inflation cycles. B) inflation dynamics. C) real business cycles. D) output dynamics.
The unemployment rate is the percentage of:
a. the total adult population without jobs. b. adults who are in the labor force but who do not have jobs. c. the total adult population that are not working full-time jobs. d. the population without jobs.
Which statement is false?
A. The problems of the inner city ghettos were just as bad 50 years ago as they are today. B. There was a huge outward migration of middle- and working-class blacks from the ghettos in the 1970s and early 1980s. C. About 2 out of 5 poor blacks live in areas of extreme poverty. D. None of these statements are false.
The process of producing and accumulating capital goods is called:
A. money capital. B. depreciation. C. investment. D. consumption.