Each of these is a basic characteristic of a capitalist economy, except
A. the institution of private property.
B. central planning.
C. laissez-faire.
D. individuals acting in their own self-interest.
B. central planning.
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If the country of Zorg has a birth rate of greater than 2.2 births per woman, it is likely that Zorg is an industrial market country
a. True b. False
Assume that Samorola has entered into an enforceable resale price maintenance agreement with Trint and U-Mobile. Which of the following will always be true?
a. The wholesale price of Samorolas will be different for Trint than it is for U-Mobile. b. U-Mobile will benefit from customers who go to Trint for information about different mobile phones. c. Trint will sell Samorolas at a lower price than U-Mobile. d. U-Mobile and Trint will always sell Samorolas for exactly the same price.
If the MPC is 4/5, the multiplier is 5/4
a. true b. false
The law of diminishing marginal utility gives us a deeper understanding of the downward-sloping demand curve because
A. Consumers are willing to pay a higher price for a greater quantity. B. Consumers do not respond to a change in price. C. Consumer tastes change due to advertising. D. When marginal utility is high, we are willing to pay a higher price.