Goods produced by the economic system that are used as inputs in the production of future goods and services are
A. capital goods.
B. consumable goods.
C. depreciation goods.
D. tangible goods.
Answer: A
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The price elasticity of supply is usually a positive number because
A) price rises when supply increases. B) quantity supplied increases in response to price increases. C) quantity supplied increases in response to income increases. D) the quantity demanded usually rises when price falls and therefore suppliers would want to capitalize on this increase in demand.
Universal life insurance was created in response to
A) the popularity of whole life insurance. B) the popularity of variable life insurance. C) high interest rates. D) deregulation of banking.
The number of U.S. made products demanded in Europe ________ as the dollar-per-euro exchange rate ________ , other things constant, so more euros will be supplied on the foreign exchange market to buy dollars
a. increases; increases b. does not change; decreases c. decreases; increases d. does not change; increases
Answer the following statement true (T) or false (F)
1) Neoclassical theory suggests that to the extent impulse buying occurs, it is infrequent and does not affect the ability of economic models to predict behavior. 2) Placement of goods in grocery and other retail stores is often done with the objective of encouraging impulse buying. 3) Heuristics generally help people make fewer errors in their decisions. 4) Heuristics generally help people make fewer errors in their decisions.