If the price of oil rises, producers of oil will
A. increase the quantity of oil supplied.
B. supply less oil.
C. cut the price.
D. leave the amount of oil supplied unchanged.
Answer: A
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What did Adam Smith identify as the source of the invisible hand in 1776?
A) a benevolent central government that decided was best for everyone B) an individual's concern for fellow humans C) an individual's own self-interest D) the stock market E) buyers' and suppliers' concerns to obtain and retain good reputations
Lunch in Jamie's dorm is an all-you-can-eat buffet, served from 11 a.m. until 1 p.m. By noon, the buffet is picked over, and by 12:30, there are very few popular items left. The garbage bins, though, are full of food. Over time, you would expect that students would:
A. start distributing themselves more evenly over the lunch hours to avoid long lines. B. come earlier and earlier for lunch in order to have a better selection from which to choose. C. stop eating so much at lunch because they would notice that it generates waste. D. be pickier in their selections from the buffet.
The MPC for a country will likely be measured as less than 1.0.
Answer the following statement true (T) or false (F)
Consumption, as a component of GDP:
A. includes nondurable goods only. B. measures spending on goods and services by individuals and households. C. measures spending only on goods, not services, by private individuals and households. D. includes durable goods only.