The use of a price system eliminates:
a. scarcity
b. equilibrium.
c. shortages and surpluses.
d. changes in supply and demand.
c
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Which of the following statements provides the best description of one reason why regulation of an industry might not increase economic efficiency?
a. There are more employees of regulated industries than affected customers. b. Insufficient regulator pay makes it difficult to hire effective regulators. c. The regulated industry has stronger incentives to be involved in the regulation process than the general publi c. d. Regulated industries have too much economic power and can litigate away most regulation.
All of the following are true regarding a sealed-bid second-price auction except which one?
A) Participants submit sealed bids. B) The participant with the highest bid wins. C) The winner of the auction pays what the second-highest participant bid. D) This kind of auction is common.
Which of the following groups would be aided by a depreciation of the American dollar?
A. Foreign workers. B. U.S. importers of goods from abroad. C. American producers of goods for export. D. Foreign producers of goods imported by the United States.
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Answer the following statement(s) true (T) or false (F)