Which of the following situations is sufficient to represent current demand for a car?
A. You have enough money to buy it, and you are willing to spend the money on the car.
B. You've decided you want a car, and you can possibly borrow the money from a bank.
C. You have plenty of money to buy it, but you can't decide if you want a motorcycle or a car.
D. You want to buy a motorcycle and a car, and you'll have enough money for both in two years.
Which of the following participates in the product market?
A. Governments and consumers only.
B. Foreigners only.
C. Consumers, governments and foreigners.
D. Consumers only.
For government, most market activity can be explained by the goal of:
A. Welfare maximization.
B. Charitable responsibility.
C. Utility maximization.
D. Social responsibility.
Which of the following would cause a decrease in the price of automobiles?
A. A technological advance in automobile manufacturing.
B. An increase in the number of buyers.
C. An increase in the wages paid to automobile assembly line workers.
D. A decrease in the cost of gasoline.