One major characteristic of the price system is that
A. individual sellers ultimately decide what is produced in the market.
B. consumers together are the ones who ultimately decide what is produced.
C. all exchanges are regulated by the government.
D. competition among sellers is reduced.
Answer: B
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One way the government decides how to pay for a public good is:
A. the ease of collecting payout. B. if they can make the good excludable and charge its users. C. the transfer of surplus. D. All of these are ways the government allocates payment of public goods.
The table below shows the export and import values of automobiles, pharmaceuticals, and clothing in Country A and Country B. Country AExports ($Billions)Imports ($Billions)Automobiles2040Pharmaceuticals3030Clothing400Country BExports ($Billions)Imports ($Billions)Automobiles020Pharmaceuticals4040Clothing4535 Country B has a higher intra-industry trade (IIT) share compared to Country A for
A. only clothing. B. only pharmaceuticals. C. both pharmaceuticals and clothing. D. only automobiles.
“Economists are scientists and therefore should not become involved in making value judgments which policy formulation necessarily entails.” Do you agree?
Please provide the best answer for the statement.
Refer to the diagram for the federal funds market. If the Fed supplies $300 billion in reserves, the equilibrium federal funds rate is:
A. 6.0 percent.
B. 5.5 percent.
C. 5.0 percent.
D. undeterminable with the information given.