The current U.S. economy is based primarily on the production of
A. Agricultural goods.
B. Goods for federal government use.
C. Services.
D. Manufacturing goods.
Answer: C
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A person’s portfolio of investments is the bundle of all the stocks, bonds, and other assets the person owns.
Answer the following statement true (T) or false (F)
If the absolute price elasticity of demand of a good is 1.46, then the total revenues will increase if its market price
A) increases. B) decreases. C) stays the same. D) changes, but we can't tell without more information if the price increases or decreases.
If income increases due to a decrease in taxes, then
A) utility will increase because consumers can afford a larger bundle of goods. B) utility will fall because consumers will be forced to buy a smaller bundle of goods. C) utility will remain constant. D) utility will increase because consumers will be forced to buy a smaller bundle of goods.
Many people believe that the supply and demand for regulation in an industry often results in the creation of a powerful coalition group controlling the regulatory body. That powerful group often comprises of executives from the same industry that is supposed to be regulated. This is called:
A. capturing. B. internalization of externalities. C. adverse selection. D. free-riding.