In the former Soviet Union distributing scarce consumer goods was accomplished by
A. higher prices which eliminated some potential consumers.
B. making the consumer stand in a long line for hours if not days.
C. the government simply printing more money.
D. None of the choices are true.
B. making the consumer stand in a long line for hours if not days.
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Refer to Scenario 16.3. What is Sally's marginal rate of substitution of tee shirts for candy at the current distribution?
A) 9/4. B) 2 C) 4/9. D) It is impossible to determine without the prices of each commodity.
The economy reaches full employment when the unemployment rate equals zero
a. True b. False Indicate whether the statement is true or false
Which of the following examples would lead to a lower equilibrium price?
a. a report showing the health advantages of eating organic produce b. beef contaminated with a deadly disease c. an earthquake destroying a rice crop d. a tsunami wiping out a pineapple crop
As a measure of economic welfare, GDP underestimates a country's production of goods and services when there is an increase in
A) the production of military goods B) the productions of antipollution devices C) crime prevention services D) household production E) legal services