In the product market
A) businesses trade goods and services for resources.
B) consumers trade monetary payments for goods and services.
C) consumers trade goods and services for resources.
D) consumers trade resources for goods and services.
Answer: B) consumers trade monetary payments for goods and services.
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Why are the gains from trade often difficult to recognize?
A. There are no gains from trade. B. The gains are spread out over a wide variety of goods and consumers. C. The United States does not keep accurate records of employment. D. The gains are in services, which are difficult to measure.
Which line might represent an aggregate demand curve?
Refer to the graph above.
A. 1
B. 2
C. 3
D. 4
The PE ratio for a stock is
A) the predicted earnings per share of the stock divided by its current yield. B) the current yield of the stock. C) the price of the stock divided by its earnings per share. D) the predicted volatility of the stock.
It is essential to establish specific criteria to judge the performance of any economic system. One such criterion is
A. profit opportunity. B. achieving general equilibrium. C. efficiency. D. technological progress.