Business firms supply goods and services to ________ and purchase factors of production in ________.
A. national markets; factor markets
B. product markets; factor markets
C. factor markets; national markets
D. factor markets; product markets
Answer: B
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Antony's Pizza uses the same dough, sauce, and cheese for pizza and calzones. When the price of pizza is low Antony produces more calzones. For Antony, the supply of pizza is ________ compared to the supply at a pizza restaurant that does not serve calzones.
A. higher B. lower C. less price elastic D. more price elastic
Profits are part of the
A) factor services. B) monetary value of output. C) final consumer goods. D) total income.
A problem with official U.S. poverty data is that they
a. omit the rural poor b. do not account for inflation c. omit in-kind transfers such as food stamps d. do not reflect changes in the cost of living e. omit dividends and interest
Political corruption occurs whenever:
A. logrolling is used to secure votes for controversial legislation. B. government officials use unlawful misdirection of governmental resources for their own personal gain. C. special interest groups contribute to elected officials, who in turn support legislation that benefits the special interest group. D. there is pork barrel politics involved.