The notion that "no man produces but with a view to consume or sell,"
A. sums up Say's Law.
B. can be restated as "supply creates it own demand".
C. was said by David Ricardo, elaborating on Say's Law.
D. All of the choices are correct.
D. All of the choices are correct.
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The uncertainty costs of inflation cause people to
A) incur more shoe leather costs. B) increase their demand for money. C) focus on the long run, which increases investment and speeds growth. D) focus on the short run, which decreases investment and slows growth. E) increase investment causing economic growth to decrease.
Which statement most accurately describes what happens when both supply and demand curves shift?
a. When both curves shift, typically we can determine the overall effect on price and on quantity. b. When both curves shift, typically we can determine the overall effect on price but not on quantity. c. When both curves shift, typically we can determine the overall effect on price or on quantity, but not on both. d. When both curves shift, typically we can determine the overall effect on quantity, but not on price.
If the demand curve for a product is vertical, then
a. consumers will refuse to bear any share of tax burden. b. producers will bear the larger share of the tax burden. c. consumers will bear the entire tax burden. d. producers and consumers will equally share the tax burden.
If your disposable income increases from $30,000 to $35,000 and your consumption increases from $11,000 to $12,000, your marginal propensity to consume (MPC) is:
A. 0.2. B. 0.4. C. 0.5. D. 0.8.