Refer to Figure 16-3. What prices are charged in the two markets?
A) price in market A = price in market B = $10 B) price in market A = price in market B = $5
C) price in market A = $10; price in market B = $15 D) price in market A = price in market B = $15
C
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The fundamental limitation on public expenditures during a specific time interval is expressed by
A. the governing political party. B. the size of the tax base. C. the government budget constraint. D. no such limitation exists.
When box lunches are handed out at an elementary school, Jimmy (who loves chocolate and hates raisins) gets a raisin cookie and Johnny (who hates chocolate and loves raisins) gets a chocolate chip cookie. This is an example of inefficiency in
A. output selection. B. production planning. C. product distribution. D. market segmentation.
Suppose the adult population of a country is 100 million. Of these adults, 70 million are employed and 15 million are unemployed. The labor force of this country is _____
a. 170 million b. 115 million c. 85 million d. 30 million
Which statement is true?
A. Scarcity is simply a lack of money. B. The United States' society has been so affluent in the last 50 years that scarcity is only a minor problem. C. The economic problem refers to the problem of poverty. D. If scarcity did not exist there would be no need to economize.