The Consumer Price Index is calculated by the
What will be an ideal response?
Bureau of Labor Statistics.
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Which of the following items plays a role in determining productivity?
a. physical capital b. natural resources c. technological knowledge d. All of the above are correct.
The term consumer sovereignty means that:
A. Government is responsible for protecting consumers' interests B. What is produced is ultimately determined by what consumers buy C. There are no limits on what consumers may buy in a market system D. Producers have strong control over what consumers buy
What could happen to render the price ceiling set in the graph shown non-binding?
A. Demand could increase, and shift to the right. B. Supply could decrease, and shift to the left. C. Demand could decrease, and shift to the left. D. None of these would cause the price ceiling to be non-binding.
Which of the following statements concerning the distinction between positive and normative economics is TRUE?
A) Positive statements are concerned with what is, while normative statements are concerned with what someone thinks should be. B) Positive statements are concerned with what people think, while normative statements are concerned with what people do. C) Positive statements are true while normative statements are false. D) Positive statements are concerned with what is while normative statements are concerned with what will be.