In its simplest form, Say’s law states that ______.
a. supply creates its own demand
b. prolonged unemployment is possible
c. full employment means zero unemployment
d. wages and other prices are inflexible
a. supply creates its own demand
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When disposable income increases, consumption expenditure
A) also increases, but by less. B) also increases, and by an equal amount. C) decreases by the same amount. D) does not change. E) also increases, and by more.
Copper falls into which factor of production category?
A) land B) labor C) capital D) entrepreneurship
__________ explores the roles of different level of government and the ways in which they relate to each other.
A. Federal system B. Club model C. Centralization D. Fiscal federalism
Quinn's income to spend each month on two normal goods, bowling or eating out, is $100. It costs $10 to bowl for the night, and it costs $20 for Quinn to eat at a restaurant. Quinn currently consumes four nights of bowling and three meals at a restaurant. If the price of bowling increased to $15, the income effect would predict:
A. Quinn would consume more of each good. B. Quinn would consume less bowling and more meals out. C. Quinn would consume less of each good. D. Quinn would consume more bowling and less meals out.