Which of the following products witnessed a high growth in the number of producers within a few years of market introduction, but was followed by a fast and substantial shakeout?
a. Tortilla
b. Penicillin
c. Livestock
d. Fastfood
B
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Luke won tickets to see a rock music concert. Even though Luke is a rhythm and blues fan, he goes to the concert anyway. Twenty minutes later, Luke decides he hates the music and the screaming fans, and he walks out an hour before the concert is scheduled to end. Luke's behavior demonstrates what economic concept?
A. Irrational behavior B. Rational behavior C. The fungibility of money D. None of these explain Luke's behavior.
It is normal and typical in a debt crisis for debtors to completely repudiate all their debts
Indicate whether the statement is true or false
How would the market for smartphones be affected if the government charged an excise tax of $5.00 on each smartphone sold?
A) The supply of smartphones would decrease. B) The demand for smartphones would increase. C) The demand for smartphones would decrease. D) The price of smartphones would rise by $5.00.
Under a progressive tax, the fraction of income paid in taxes
a. rises as income rises. b. is unchanged as income changes. c. falls as income rises. d. is proportional to the change in income.