The idea behind Say's Law is that people work because:
A. work gives them social status.
B. they like to work.
C. they want to buy things.
D. they want to accumulate wealth.
Answer: C
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Did the 1957 Treaty of Rome turn the EU into a truly unified market?
A) Yes, it paved the way for the current EMU. B) No, although it established a customs union, it failed to remove barriers to the movement of goods and factors within Europe. C) No, it was only after the German unification and locating the ECB in Frankfurt that unity was achieved. D) No, since the Northern members of the EU had larger endowments of capital and skilled labor. E) No, the Treaty of Rome created more trade barriers between European countries.
When purchasing a product with a credit card, the benefit of the product will be experienced in the ________, and the cost will be experienced in the ________.
A. present; present B. present; future C. future; present D. future; future
As the IS curve becomes steeper, we know that
A) a given change in the money supply will cause a larger change in output. B) a given change in the money supply will cause a smaller change in output. C) a given change in the money supply will cause the same change in output. D) monetary policy becomes more effective.
Refer to the graph shown. If hamburgers are produced by a perfectly competitive industry with a market demand D, in long-run equilibrium the price will be:
A. $6, and 100 will be sold. B. $4, and 100 will be sold. C. $4, and 200 will be sold. D. $5, and 150 will be sold.