8) a useful characteristic of money is that money
a. is only printed by the us government.
b. is something that everyone wants.
c. allows us to compare the values of goods and services.
d. is difficult to count accurately.
11) when increased raw material costs increase prices for consumers, the situation is known as inflation. (c)
a. law of supply
b. cost-push
c. demand-pull
d. monetary
13) which economic system features the government as the main economic decision-maker? (d)
a. market
b. generational
c. traditional
d. command
14) which of the following people is likely to benefit from inflation? (b)
a. a person with low income
b. a person who owes $200,000 on a loan
c. a retired person on a fixed income
d. a person who has a large savings account
20) why would businesses supply more product at higher prices?
a. consumers are willing to pay more as supply increases.
b. consumers buy more with higher prices.
c. businesses will increase production to make more profit.
d. businesses need to sell more or they will waste money on shelf space.