Which economic question depends on the incomes that people earn and the prices they pay for goods and services?
A) Why? B) How? C) For whom? D) What? E) Where?
C
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Which of the following are ways to ration goods and services?
A) price B) physical force C) political power D) All of the above are correct.
We see permanent price differentials in land because
a. the demand for land is high b. land has few uses c. location is the inherent quality that often determines its value d. real estate brokers are inefficient e. land is not traded in free markets
Refer to the accompanying figure. Suppose that the government requires that resources be used efficiently. Which of the following would the government definitely not allow?
A. Production at point D. B. Specialization in medical care production. C. Specialization in warhead production. D. Production at any point other than C.
If a boxing fight is shown on pay-per-view television every Saturday at 4pm, the demand curve for each fight is given below.
If the regulated pay-per-view charge to watch a fight were $5 per household, then what would be the loss in total economic surplus relative to when the there is no charge to watch the fight?
A. $225 million B. $625 million C. $50 million D. $25 million