In a traditional economy, decisions about what to produce, how to produce, and who should get society's output are made by
a. the market
b. the government
c. repeating what was done in the past
d. business firms
e. nonprofit firms
C
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A normal good is defined as a good
A) for which demand increases when income increases. B) with a downward sloping demand curve. C) for which demand increases when the number of demanders increases. D) for which demand increases when the price of a substitute rises. E) for which demand increases when the price of a complement falls.
What does it mean to say that an individual's preferences are transitive?
What will be an ideal response?
What amount of money was appropriated by Congress for fiscal stimulus bill of 2009?
a. $225 billion b. $252 billion c. $700 billion d. $787 billion
Historically, development of a new technology often:
A. results in immediate increases in productivity. B. leads to increases in productivity only once firms learn how to use it. C. requires a complementary increase in physical and human capital. D. has had no impact on changes in productivity.