The decision by firms of the quantity of output to supply is based on
A. government oversight.
B. the price of inputs.
C. the price of output.
D. techniques of production available.
Answer: C
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The single most important factor in the 1992 crisis of the EMS was
A) ratification of the Single European Act. B) the near failure of the Maastricht Treaty. C) the fall in unemployment rates throughout the EEC. D) German reunification efforts. E) the outbreak of war in the former Yugoslavia.
Rational people having preferences for immediate benefits and delayed costs is another way of saying that:
A. money is worth less to us now than in the future. B. money is worth more to us now than in the future. C. the value of money does not change over time. D. rational people have insatiable wants.
Given the consumption function C = $500 billion + 0.80Y, an increase in disposable income from $6,000 billion to $7,000 billion will cause consumption to increase by:
a. $800 billion. b. $1,000 billion. c. $1,300 billion. d. $1,500 billion. e. $1,800 billion.
Answer the following statements true (T) or false (F)
1. Being a "jack-of-all-trades" implies reducing the reliance on the division of labor. 2. Even with the use of money, exchange and trade cannot occur if there is no coincidence of wants. 3. One of the most important economic resources is money. 4. Maximum profits are what motivate consumers to decide who will get the goods and services in a market system.