The regulatory mechanism of the market system is:
A. self-interest.
B. private property.
C. competition.
D. specialization.
Answer: C
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Refer to the scenario above. The income per capita of Neoland is ________
A) $1,500 B) $1,200 C) $1,000 D) $7,200
If net exports increase by 250 and the mpc is 0.75, equilibrium aggregate output increases by
A) 250. B) 500. C) 750. D) 1000.
In which of the following situations are wages the least likely to be sticky?
A) Unionized workers are in the second year of a three-year labor contract. B) A firm that pays efficiency wages to its employees is experiencing an economic recession. C) A firm has an implicit contract with its employees regarding wages during recessions and expansions. D) A firm hires hourly workers based on changes in the supply and demand for its products.
Purchasing goods such that the ratio of marginal utility to price is equal across all goods results in the:
A. same expenditure on all goods. B. greatest marginal utility. C. lowest expenditure. D. greatest total utility.