Households ________ factors of production and ________ goods and services
A) demand; supply B) demand; demand C) supply; supply D) supply; demand
D
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GDP is a measure of the total output of an economy.
Answer the following statement true (T) or false (F)
Autoworkers negotiate a wage increase. How does this change affect the supply curve of cars?
A) It shifts the supply curve leftward. B) It does not shift the supply curve or create a movement along it. C) It shifts the supply curve rightward. D) The supply curve will shift but there is not enough information to tell if the change shifts the supply curve rightward, leftward, or not at all. E) It creates a movement downward along the supply curve.
Which of the following equations describes government saving?
A) T - TR - INT - G B) T - TR - INT + G C) T - TR + INT - G D) T - TR + INT + G
For an intertemporal budget constraint concerning saving for retirement, the choice is between present consumption and future consumption.
a. Fungible b. Utility-maximizing c. Intertemporal choice d. Backward-bending