Consumer sovereignty answers which central issue in economics?
a. How will goods be produced?
b. Who will produce the goods?
c. What goods will be produced?
d. For whom will the goods be produced?
e. By what method will the goods be produced?
C
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Which of the following is characteristic of a perfectly competitive market? a. There is free entry into and exit from the market
b. Individual firms can exert a perceptible influence on the market price. c. Firms in the market produce a differentiated product. d. All of the above are true.
If the Fed wishes to maintain its interest rate target in the face of increased money demand it would likely
a. increase the money supply. b. decrease the money supply. c. more stringently enforce already existing banking regulations. d. propose new banking regulations. e. become more lax when it enforces already existing banking regulations.
A vocal minority of economists, believers in the theory of rational expectations, insist that
a. the Phillips curve is downward sloping even in the short run. b. the Phillips curve is vertical even in the short run. c. a trade-off exists between inflation and unemployment even in the long run. d. expansionary fiscal and monetary policy can reduce unemployment without creating inflation.
Eddie purchased an autographed Kobe Bryant basketball when he was 17 years old for a total cost of $200 and then sold the basketball 4 years later for $700. Due to these transactions
A. Eddie earned a capital gain of $500. B. Eddie earned a dividend of $900. C. Eddie earned a dividend of $500. D. Eddie earned a capital gain of $700.