Personal income and personal disposable income refer to payments ultimately flowing to
A) governments. B) households. C) foreigners. D) firms.
B
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If quantity demanded increases at all possible prices, demand has
A) increased. B) decreased C) remained the same; only quantity demanded has changed. D) remained the same; however, the curve has become more stee
The only way that the family can consume more and enjoy a higher standard of living is to:
A. increase the amount each person produces. B. decrease the amount each person produces. C. increase how many people are in the family. D. increase both how many people are in the family, and the amount each one produces.
During recessions, consumers tend to purchase more durable goods, so that sales of new durables are relatively strong
Indicate whether the statement is true or false
Diamonds are nature's hardest substance. Classify each of the following diamonds as land, labor, capital, entrepreneurship, or none of the above. Explain your choice.
a . an unmined diamond b. a diamond in DeBeers' vault (DeBeers is the world's biggest diamond mining company.) c. a diamond in a jeweler's display case at the shopping mall d. a diamond on your or your fiancée's finger e. an industrial-grade diamond in your dentist's drill f. the diamonds in the blade that the highway department uses to cut concrete