In a market system, the distribution of goods and services among consumers is largely determined by:
A. The willingness and ability of consumers to pay the prices
B. Whoever needs the goods and services the most
C. Whoever has the closest connection to firms and the government
D. A random factor that is almost impossible to predict
Answer: A
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The most common form of "forced savings" in the U.S. is:
A. Social Security. B. FICA. C. unemployment insurance. D. Medicare.
Aggregate demand's downward-sloping character reflects three principal influences as shown in which of the following?
A. People's desire to maintain real wealth holdings, the interest rate, and international trade. B. People's desire to increase the price level, the interest rate, and the economic growth effect. C. The interest rate, the economic growth effect, and international trade. D. Cost-pull inflation, demand-pull inflation, and the need to maintain real wealth holdings.
In the case of negative externalities in production, the firm's internal costs:
A. exceed the external costs. B. overstate the true cost of producing the product. C. equal the external costs. D. understate the true cost of producing the product.
In the year ____, our President announced that we would no longer redeem dollars for gold.
Fill in the blank(s) with the appropriate word(s).