The U.S. economy is best characterized as
a. pure capitalism
b. a command economy
c. socialism
d. a mixed capitalist economy
e. market socialism
D
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When an import quota is imposed on tomatoes, the price of tomatoes ________ and the quantity bought ________, so domestic consumers ________
A) rises; increases; lose B) rises; decreases; lose C) falls; decreases; lose D) falls; increases; lose E) rises; decreases; gain
A monopoly is a firm that:
A. is the sole producer of a good or service with no close substitutes. B. is the sole producer of a good or service with many close substitutes. C. is the producer of a good or service with just a few large competitors. D. produces a good or service that is identical to many others sold in the market.
Increased government purchases crowd out private purchases whenever the economy is
A. Experiencing an AD shortfall. B. Facing serious cyclical unemployment. C. Operating below full employment. D. On the production possibilities curve.
In a competitive market, the demand curve shows the ________ received by consumers and the supply curve shows the ________
A) utility; average cost. B) marginal benefit; marginal cost C) economic surplus; opportunity cost D) net benefit; net cost