The United States produces ____ of what it consumes, and consumes ____ of what it produces.
A. little; little
B. little; most
C. most; little
D. most; most
Answer: D
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According to the permanent income hypothesis, a person's consumption increases only when
A) the person's average lifetime income increases. B) the person saves more. C) the person's current income increases. D) the person's income increases unexpectedly.
Which of the following statements is TRUE in the short run?
A) Generally, labor is a fixed input. B) Generally, capital is a fixed input. C) Raw materials are generally considered to be fixed inputs. D) None of the above.
In some markets, ________ act to adjust the price to bring the market into equilibrium
A) bulls B) regulators C) market makers D) web sites
Which of the following is accurate about John Maynard Keynes?
a. He was one of the most influential economists in early U.S. history. b. He believed economics is a subject but not a way of thinking. c. He believed economics is not just a subject area but also a way of thinking. d. He believed that economics is not a subject but is a way of thinking.