When the price of a good falls, consumers buy a larger quantity because of the ________ effect and the ________ effect
A) normal; inferior B) substitution; income
C) substitute; complement D) supply; demand
B
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"Because resources are scarce, the production of more capital goods means that fewer resources are available to produce consumption goods, so there is less current consumption." Do you agree or disagree? Explain
What will be an ideal response?
The gap in ______________ standards between high-income and low-income countries raises concerns regarding increasing global trade and suggests that restrictions are needed to protect society.
a. environmental b. quality c. living d. employment
A taxpayer pays __________ tax rate on additional income if the income tax structure is progressive, __________ tax rate on additional income if the income tax structure is proportional, and __________ tax rate on additional income if the income tax structure is regressive
A) a higher; a lower; the same B) a higher; the same; a lower C) a lower; a higher; the same D) the same; a lower; a higher E) the same; a higher; a lower
In financial markets, buyers are people who:
A. have cash promised to them at some future date. B. have cash on hand and are willing to let others use it, for a price. C. want to spend money on something of value right now, but don't have cash on hand. D. want to spend money on something of big value in the future, but don't know how to save for it.