Households
a. own and sell resources
b. play a very minor role in the economy
c. supply goods and services
d. are the largest purchasers of resources
e. none of the above
A
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Consider the demand curves for soft drinks shown in the figure above. Suppose the economy is at point a. What of the following could result in a movement to point b?
A) an increase in the price of bottled water B) a decrease in the price of bottled water C) an increase in the opportunity cost of soft drinks D) a decrease in the relative price of a soft drink
More than 80 percent of the home heating oil used in the United States goes to the Northeast. In Vermont, the vast majority of people there use oil to stay warm when it's cold outside
Richard Izor heats his home with oil and inquires, "I'd like to see them come in and put a ceiling on the oil price now before it gets any higher. Why they haven't done this is more than I can understand." Which of the following is NOT likely to occur if such a price ceiling was imposed? A) There would be a surplus of heating oil. B) A heating oil shortage may occur. C) A black market for heating oil may be created. D) There would be an increase in inefficiency in the heating oil market.
In August 2011, Standard & Poor's (S&P) changed its rating on U.S. Treasury bonds from "AAA" to "AA+" based on the state of the federal government's budget deficit
This was the ________ a rating agency had given Treasury bonds less than a rating of "AAA". A) first time ever B) second time since the year 2000 C) fifth time in history D) first time since the Great Depression
The equilibrium level of income and output is that level of income where the desired spending by all sectors of the economy equals the value of output produced and the income received from production
Indicate whether the statement is true or false