One characteristic that has allowed the U.S. economy to change the mix of output in response to consumer demand is the
A. Factor mobility which is the increased ease with which resources move from one industry to another.
B. Labor-intensive production process.
C. Abundance of scarce resources.
D. Large number of proprietorships.
Answer: A
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Fiscal policy consists of
a. taxes and interest rates. b. government purchases and defense spending. c. the money supply and taxes. d. taxes and government spending.
Buyers and sellers in the market for goods and services might be negotiating an exchange of
A. goods for use by final consumers. B. labor or financial capital. C. services provided to final consumers. D. either goods for use by final consumers or services provided to final consumers.
In the loanable funds market, the supply comes from
A) saving, the government budget surplus and international borrowing. B) only saving and the government budget surplus. C) only saving. D) only the government budget surplus and international borrowing.
In a sealed-bid first price auction, if you notice that your competition is weaker, you should
a. Shade your bid more b. Shade your bid less c. Bid more aggressively d. Both B&C