The purchasing power of the average person in the world today is:
A. more than 30 times as high as it was 200 years ago.
B. more than 20 times as high as it was 300 years ago.
C. is about the same as it has been during the last two centuries.
D. has increased steadily over the last two centuries.
A. more than 30 times as high as it was 200 years ago.
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When the price of beer goes up, our model of tastes would typically require tastes to change.
Answer the following statement true (T) or false (F)
As the percentage of the consumer's income accounted for by a particular good decreases, demand for the good will:
A) tend to become more price elastic. B) tend to become more price inelastic. C) tend to become closer to unit elastic. D) tend toward being perfectly elastic.
Stephen R. Covey's book The 7 Habits of Highly Effective People has as the final 7th Habit the following:
a. Sharpen the saw b. Be proactive c. Synergize d. Think win-win
If inflation is much higher than originally anticipated, ________ are made better off and ________ are made worse off
a. banks that had made fixed interest rate loans; people that had borrowed fixed interest rate loans. b. people that had borrowed fixed interest rate loans; banks that had made fixed interest rate loans. c. retired people living on a fixed income; people that had borrowed fixed interest rate loans. d. people that had deposited their savings at fixed interest; banks that had taken deposits at fixed interest.