Which of the following is TRUE?
A) When resources are allocated on the basis of personal characteristics, all people who are willing and able to pay the price get the resource.
B) When the range of activities to be monitored is large and complex, a command system allocates resources better than a market price.
C) When a market price allocates resources, some people who are willing and able to pay that price don't get the resource.
D) Force helps support the legal system on which markets function.
D
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The official poverty rate for all persons declined sharply between 1959 and:
a. 2000. b. 1970. c. 1980. d. 1990.
According to the Keynesian model, the government can increase spending or cut taxes to close a recessionary gap
a. True b. False Indicate whether the statement is true or false
Developing numerical value for utility allows us to:
a. evaluate a consumer's purchasing power. b. be more specific about the utility of consumption. c. be more specific about consumer demand. d. evaluate the quality of a commodity.
Inferior Good
What will be an ideal response?