Which of the following economists believed that the factory owner, by paying his workers meager wages, was able to use this surplus to buy more capital goods?
A. Adam Smith
B. Thorstein Veblen
C. Milton Friedman
D. Karl Marx
D. Karl Marx
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Which of the following statements represents a correct and sequentially accurate economic explanation?
A) Goods X and Y are substitutes. The price of X falls, the quantity demanded of X rises, and the demand for Y rises. B) Goods X and Y are substitutes. The price of X rises, the demand for X falls, and the demand for Y rises. C) Goods X and Y are substitutes. The price of X falls, the demand for X rises, and the quantity demanded of Y rises. D) Goods X and Y are substitutes. The price of X falls, the quantity demanded of X rises, and the demand for Y falls. E) Goods X and Y are complements. The price of X falls, the quantity demanded of X rises, and the demand for Y falls.
Credit cards a. are a method of deferring payment, and people who have credit cards hold less money on average. b. are a method of deferring payment, and people who have credit cards hold more money on average. c. are a medium of exchange, and people who have credit cards hold less money on average
d. are a medium of exchange, and people who have credit cards hold more money on average.
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.
Refer to the diagram below of three demand curves for coffee. An increase in the price of coffee, other factors constant, would cause a:
A. Shift from D1 to D3
B. Shift from D1 to D2
C. Movement from point a to point b
D. Movement from point b to point a