Which of the following economies are most free?
A) Bolivia and Venezuela
B) Bangladesh and Pakistan
C) Algeria and the Democratic Republic of the Congo
D) Hong Kong and Singapore
D) Hong Kong and Singapore
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Suppose you have one hour to catch a flight to Miami for spring break, and it takes 45 minutes to drive to the airport. Your car is almost out of gas and the price of gas at the closest gas station is higher than at other gas stations that are much farther away. To you, the price elasticity of demand for gas is likely to be ________ than it would be if you had several hours before the flight.
A. lower B. more variable C. no different D. higher
When marginal cost is positive, total cost is ________ as output increases.
A) increasing
B) decreasing
C) constant
D) negative
E) undefined
Which of the following combinations of hamburger and milkshake consumption yields consumer equilibrium?
a. 1 hamburger and 2 milkshakes b. 2 hamburgers and 2 milkshakes c. 3 hamburgers and 4 milkshakes d. 4 hamburgers and 4 milkshakes
David has decided not to purchase another can of Stosh because his friends laughed at him the last time he purchased some. Stosh is no longer a popular item. David's decision is known as
A. positive market feedback. B. negative market feedback. C. price-leadership. D. negative-sum game.