When goods do not have a price, which of the following primarily ensures that the good is produced?
a. buyers
b. sellers
c. the market
d. government
Ans: d. government
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Refer to Figure 2-10. If the economy is currently producing at point E, what is the opportunity cost of moving to point D?
A) 16 thousand spoons B) 26 thousand forks C) 20 thousand forks D) 0 spoons
Gdp
a. is used to monitor the performance of the overall economy but is not the single best measure of a society's economic well-being. b. is used to monitor the performance of the overall economy and is the single best measure of a society's economic well-being. c. is not used to monitor the performance of the overall economy but is the single best measure of a society's economic well-being. d. is not used to monitor the performance of the overall economy and is not the single best measure of a society's economic well-being.
The primary purpose of a budget is to
A) figure out how to purchase only items that are needed to sustain life. B) make sure you get the most out of your income by spending wisely and saving regularly. C) figure out how to borrow more so you can increase your current consumption. D) make sure that you do not spend too much money on nonessential items like recreation and vacations.
If the market for tires is unregulated and is presently characterized by excess supply, you can accurately predict that price will
A. decrease, the quantity demanded will fall, and the quantity supplied will rise. B. increase, the quantity demanded will rise, and the quantity supplied will fall. C. increase, the quantity demanded will fall, and the quantity supplied will rise. D. decrease, the quantity demanded will rise, and the quantity supplied will fall.