An example of an intermediate good would be ________.
A. paper and ink bought by a publishing company
B. groceries bought by a dentist for his family
C. bricks bought by a homeowner who plans to build a patio in his backyard
D. cars bought by a car-rental company
Answer: A
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By definition, economics is the study of
A) how to make money in a market economy. B) the choices people make to attain their goals, given their scarce resources. C) how to make money in the stock market. D) supply and demand.
One advantage of user charges is they _____
a. increase with inflation b. they apply the ability-to-pay principle of taxation c. help ration consumption of the taxed good d. a and c
By using mail-in ballots, voter participation may fall. This can be explained as the decreased:
A. costs of voting are outweighed by the decreased benefits of being seen voting. B. benefits of being seen voting are smaller than the decreased costs of voting. C. benefits of being seen voting are smaller than the increased costs of voting. D. costs of voting are larger than the decreased benefits of being seen voting.
When consumers shift away from relatively higher price goods and services in favor of those that are less expensive, this is known as the
A. principle of substitution. B. principle of increasing opportunity costs. C. principle of supply. D. principle of utility.