In economics, items that are used to produce goods and services are known as
A) wants.
B) aggregates.
C) factors of need.
D) resources.
D
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A bank's liabilities are
A) included as part of the bank's reserves. B) things owned by or owed to the bank. C) things the bank owes to someone else. D) a measure of the bank's net losses.
Suppose that the price of lettuce used to produce tacos increases. This change means that the equilibrium price of a taco ________ and the equilibrium quantity ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases E) does not change; decreases
In a market economy,
a. a larger income for one person means a smaller one for another. b. the government answers all the basic economic questions. c. a larger income for one person means it is possible for others to benefit also. d. economic output shrinks as we discover better ways of doing things.
The term market power refers to
A. A firm's ability to alter the market price or quantity of a good or service. B. A firm's ability to eliminate free riders. C. The government's ability to change market outcomes. D. The government's authority to tax businesses.