Why doesn't the electric company ever offer sale prices?
a. The government regulates electricity prices.
b. A sale would encourage high usage and cause blackouts.
c. Electricity is a necessity, so demand is inelastic.
d. The electric company is greedy and does not care
Ans: c. Electricity is a necessity, so demand is inelastic.
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Many of the Founding Fathers considered the emancipation of slaves to be
(a) a necessary evil in overcoming the British during the war. (b) less important than the issues of whether blacks should be prevented from coming to the United States and whether freed slaves should be deported. (c) paramount in establishing the new nation on a solid ideological foundation. (d) a states' rights issue.
The ability to produce a good or service at a lower opportunity cost than other producers is called
A) absolute advantage. B) comparative advantage. C) implicit advantage. D) marginal advantage.
"It is difficult to compare over time health care expenditures, costs, and output." Do you agree or disagree? Why?
What will be an ideal response?
An example of government investment in physical capital to increase business productivity is:
A. roadways. B. bridges. C. sewer systems. D. All of these are examples of ways governments can increase productivity.