The market system is characterized by:
A. extensive government constraints on individual behavior.
B. government control of all production decisions.
C. government rationing of all goods and services.
D. private ownership of the means of production.
Answer: D
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Although the subprime mortgage market problem began in the United States, the first indication of the seriousness of the crisis began in
A) Europe. B) Australia. C) China. D) South America.
Macroeconomics is the study of
A) the economic issues which affect individual well-being and individual firms' profit levels. B) the economic issues which affect foreign and domestic prices of related goods and services. C) inflation and poverty at the level of the household. D) the economic issues which affect the nation's total income, employment, and output.
You just heard about Burton's annual tent sale going on next week. This will likely cause your demand for a Burton jacket today to:
A. increase because of your income constraint. B. increase because of your expectations of the price of Burton jackets next week. C. decrease because of your income constraint. D. decrease because of your expectations of the price of Burton jackets next week.
Price ceilings cause
a. Some suppliers to drop out of the market as they cannot charge the price they were earlier charging b. A reduction in the quality of the product c. The creation of black markets d. All the above