Any activity that results in the conversion of resources into products that can be used in consumption is
A. planning.
B. production.
C. discounting.
D. investment.
Answer: B
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The law of supply states that:
a. there is a negative relationship between the price of a good and the quantity of it purchased by suppliers. b. there is a positive relationship between the price of a good and the quantity that buyers choose to purchase. c. there is a positive relationship between the price of a good and the quantity of it offered for sale by suppliers. d. at a lower price, a greater quantity will be supplied.
When people exchange money for financial assets, the _____ rises.
Fill in the blank(s) with the appropriate word(s).
The inefficiency of taxation means that imposing a tax on a good or service typically
A. increases costs across the board. B. reduces the amount produced. C. increases the amount produced. D. causes backlogs and surpluses.
The total amount of consumer surplus and producer surplus is at its maximum when
A. the government imposes a price floor that is higher than the market clearing price. B. consumers and producers are allowed to trade at the market clearing price. C. the government imposes a price ceiling that is lower than the market clearing price. D. free market exchanges do not exist.