An increase in the economic output of a society is known as ______.
a. efficiency
b. scarcity
c. consumerism
d. growth
d. growth
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According to Say's law,
A) desired expenditures cannot be compared with actual expenditures. B) desired expenditures are always less than actual expenditures. C) desired expenditures are always equal to actual expenditures. D) desired expenditures are always more than actual expenditures.
Which of the following would be considered a "leisure" activity by economists?
A. Mopping the floor at McDonald's for minimum wage B. Mopping your kitchen floor C. Folding sweaters while working at the Gap D. None of these activities would be considered leisure.
If the cross price elasticity of demand for tacos with respect to burritos equals +2.5, then: a. a 1% increase in the quantity of burritos purchased will lead to a 2.5% increase in the price of a taco
b. a 10% increase in the price of a burrito will lead to a 25% increase in the quantity of tacos demanded at a given price. c. a 1% decrease in the price of a burrito will lead to a 2.5% increase in the quantity of tacos demanded at a given price. d. a 1% increase in the quantity of tacos purchased will lead to a 2.5% increase in the price of a burrito.
In a market economy, the people who receive the goods and services produced are those who
A. Have the most political power. B. Want the goods and services the most. C. Need the goods and services the most. D. Are willing and able to pay the market price.