Answer the following statement(s) true (T) or false (F)
1. In a market economy, CEOs and other top executives own most of the resources.
2. The market system can work only if the government enforces the rules.
3. Inflation is defined as an increase in the overall price level in an economy.
4. Unemployment can occur because of seasonal fluctuations in demand.
1. False
2. True
3. True
4. True
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A sale of U.S. government securities by the Fed causes a(n)
A) expansion of the money supply equal to the amount of the securities sold. B) contraction of the money supply equal to the amount of the securities sold. C) expansion of the money supply of more than the amount of the securities sold. D) contraction of the money supply of more than the amount of the securities sold.
Which of the following is false? a. When demand is elastic, quantity and total revenue change in the same direction along it. b. When demand is inelastic, quantity and total revenue change in the opposite direction along it. c. When supply is elastic, quantity and total revenue change in the same direction along it
d. When supply is inelastic, quantity and total revenue change in the opposite direction along it.