If it is easy to uncover buy and sell orders above and below current transactions prices, a market is said to
A) be primary.
B) lack breadth.
C) be deep.
D) be resilient.
C
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If the marginal propensity to save is 0.4 and disposable income increases from $1,000 to $1,500, saving will increase
A) $300. B) $200. C) $100. D) $400.
Scarcity can best be defined as a situation in which
A. consumers look for bargains. B. some producers are selfish with resources. C. people respond to incentives. D. all wants cannot be satisfied due to resource constraints.
In perfect competition, environmental externalities need not distort the allocation of resources providing
a. transactions costs are zero. b. average costs are constant for all output levels. c. firms install pollution control equipment. d. the government sets realistic pollution standards.
If a binding price floor is imposed on the market for eBooks, then
a. the demand for eBooks will decrease. b. the supply of eBooks will increase. c. a surplus of eBooks will develop. d. All of the above are correct.