A comparative advantage in the production of coal is held by
A. Australia.
B. the United States.
C. both countries.
D. neither country.
B. the United States.
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If the government makes a good illegal and then imposes stiffer penalties on illegal drug buyers than on sellers, the price of the good ________ and the quantity ________
A) falls; increases B) rises; decreases C) falls; decreases D) does not change; decreases
If the elasticity of supply of a good is zero, then its
A) supply curve is vertical. B) supply curve is horizontal. C) demand curve must be vertical. D) supply curve is positively sloped.
If C + I = Y and Y - C = S, then
A) I = 0. B) S = 0. C) S = I. D) Y = S + I.
Private markets can allocate resources optimally
a. under all circumstances b. only if property rights are well defined and can be easily enforced c. whenever property rights are well defined, regardless of whether they can be easily enforced d. whenever property rights can be easily enforced, regardless of whether they are well defined e. whenever there is no government intervention in the market