In the private sector where firms compete for profit, if a firm is inefficient, ________. In the public sector, if a government bureau is producing a necessary service and is doing so inefficiently, ________.
A. it does not need to worry about customers; the market will drive it out of business
B. the market will drive it out of business; it does not need to worry about customers
C. the market will drive it out of business; the market will drive it out of business
D. it does not need to worry about customers; it does not need to worry about customers
Answer: B
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A restriction on the number of people allowed to be medical doctors in the United States would most likely
A) increase doctors' fees. B) decrease the demand for doctors. C) decrease the demand for nurses. D) decrease the number of people who get sick.
Which of the following statements is correct?
A. Export sales are not important to U.S. industries because U.S. GDP is so large. B. Many U.S. industries are very dependent on export sales. C. The United States is increasingly dependent on exports, but not on imports. D. The United States would not be affected if it quit importing goods.
Refer to the above figures. Which panel(s) represent economic growth?
A. Panels B and D only B. Panel A only C. Panels A and C only D. Panel D only
Refer to the information provided in Figure 6.5 below to answer the question(s) that follow.
Figure 6.5Refer to Figure 6.5. Molly's budget constraint is EF. If her income decreases while the price of the goods are unchanged, her new budget constraint is
A. BD. B. CD. C. AD. D. It is not shown on this graph.