Ceteris paribus, an increase in the number of sellers of running shoes causes equilibrium price to
A. Decrease and equilibrium quantity to decrease.
B. Increase and equilibrium quantity to increase.
C. Decrease and equilibrium quantity to increase.
D. Increase and equilibrium quantity to decrease.
Answer: C
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Government plays a role in which type of economy?
A. Only free-market economies like the United States B. Only socialist economies C. Only mixed economies D. All economies
Refer to Table 22-5. Consider the statistics in the table above in describing the industrialized countries. Are these consistent with the economic growth model? Briefly explain
What will be an ideal response?
Common property rights
A) increase efficiency over individual property rights. B) enable the Coase theorem to work. C) are responsible for the increasing success of preservation of African elephants. D) are responsible for the increasing success of preservation of worldwide fishing resources. E) result in faster depletion of resources than do individual property rights.
State and local governments
a. use a mix of taxes and fees to generate revenue. b. are required by federal mandate to levy income taxes. c. are required to tax property at a standard rate set by the federal government. d. must tax wages more heavily than interest and dividend income.