Price ceilings set below the equilibrium create:
a. externalities. b. unemployment.
c. shortages. d. surpluses.
c
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A firm charging different customers different prices for the same product is engaged in:
a. Price discrimination b. Price matching c. Markup pricing d. Predatory pricing.
Voluntary trade promotes economic progress because it
A) moves goods, services and resources from people who value them more to individuals who value them less. B) benefits buyers at the expense of sellers. C) encourages individuals to become self-sufficient. D) makes larger outputs possible as a result of specialization.
A solid and defensible jury award that punishes negligent behavior can be good for the economy primarily because it
A. compensates the injured party for all damages. B. takes from the rich and gives to the poor. C. reassures the public that the legal system is 'fair'. D. discourages imprudent or reckless behavior.
Who said this? ". . . the sovereign has only three duties to attend to. . . . first, the duty of protecting the society from violence and invasion . . .; secondly, the duty of protecting . . . every member of the society from the injustice or oppression of every other member of it all; and thirdly, the duty of erecting and maintaining certain public works and public institutions, which it can never be for the interest of any individual . . . to erect and maintain. . . "
A. Adam Smith B. John Stuart Mill C. Sir William Petty D. Franklin Roosevelt