When resources are NOT allocated efficiently, we have ________________.
A. Answered the basic economic questions
B. A market failure
C. A government failure
D. Market equity
B. A market failure
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Suppose that the income elasticity of demand for fresh vegetables is 0.26 . If buyers' incomes rise by 10 percent, then
a. the demand curve for fresh vegetables will shift to the left b. the quantity of fresh vegetables demanded will rise by 2.6 percent c. the quantity of fresh vegetables demanded will rise by 12.6 percent d. there will be a movement down and to the right on the demand curve for fresh vegetables e. there will be a movement up and to the left along the demand curve for fresh vegetables
The phenomenon that describes how transfer programs, which significantly reduce the adversities of poverty, also reduce the opportunity cost of choices that often lead to poverty is known as
a. the implicit marginal tax rate. b. Gibson's paradox. c. the Phillips curve d. the Samaritan's dilemma.
A farmer sells five pounds of pecans to a Smith's Fresh Pecans for $10 . Smith's Fresh Pecans resells three pounds for $4.50 per pound. The remaining pecans are shelled and canned and sold for a total of $8.00 Taking these transactions into account, how much is added to GDP?
a. $22.50 b. $29.50 c. $21.50 d. $31.50
________: the economic sacrifice of not doing something else or foregoing another opportunity
Fill in the blank(s) with correct word