1. The wants of consumers are expressed in the product market with “dollar votes”.
a. True
b. False
2. An increase in consumer desire for strawberries is most likely to.
a. increase the number of strawberry pickers needed by farmers.
b. reduce the supply of strawberries.
c. reduce the number of people willing to pick strawberries.
d. reduce the need for strawberry pickers.
3. The relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is _____.
a. direct, inverse
b. inverse, direct
c. inverse, inverse
d. direct, direct
4. Consumer sovereignty means that legislation now protects the rights of consumers to dispose of their incomes as they see fit.
a. True
b. False
5. Specialization may expand total output even though the individuals involved may have identical abilities.
a. True
b. False
a. True
b. False
2. An increase in consumer desire for strawberries is most likely to.
a. increase the number of strawberry pickers needed by farmers.
b. reduce the supply of strawberries.
c. reduce the number of people willing to pick strawberries.
d. reduce the need for strawberry pickers.
3. The relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is _____.
a. direct, inverse
b. inverse, direct
c. inverse, inverse
d. direct, direct
4. Consumer sovereignty means that legislation now protects the rights of consumers to dispose of their incomes as they see fit.
a. True
b. False
5. Specialization may expand total output even though the individuals involved may have identical abilities.
a. True
b. False