Holding everything else constant, a decrease in the price of GPS systems will result in
A) a decrease in the supply of GPS systems.
B) an increase in the quantity of GPS systems demanded.
C) an increase in the demand for GPS systems.
D) an decrease in the quantity of GPS systems demanded.
B
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Which of the following best describes the concept of laissez-faire?
a. Government should not intervene in the economy b. Government should actively intervene in the economy whenever it judges the action to be beneficial. c. Government should intervene in the economy only to promote short-term economic stability. d. Government should intervene in the economy only to maximize long-term growth rates. e. Government should intervene in the economy only when the economy is not at full employment or there is substantial inflation.
Which of the following is correct? Inflation
a. impedes financial markets in their role of allocating resources. b. reduces the purchasing power of the average consumer. c. generally increases after-tax real interest rates. d. is most costly when anticipated.