Which of the following is an example of a product that is sold primarily in a local market?
A. Milk
B. Butter
C. Oil
D. Cheese
Answer: A
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A nation that has done well economically in spite of a lack of natural resources is
a. the United States. b. Japan. c. Canada. d. Australia.
If a price ceiling is not binding, then
a. there will be a surplus in the market. b. there will be a shortage in the market. c. the market will be less efficient than it would be without the price ceiling. d. there will be no effect on the market price or quantity sold.
Means-tested welfare benefits provide recipients with a strong incentive to:
A. leave welfare. B. work. C. underreport their earnings. D. accurately disclose their earnings.
Refer to the above figure. If the MPC is unchanged and level of autonomous consumption increases, what occurs?
A. Line ABC will drop down. B. Line EBD will shift up. C. Line ABC shifts up. D. Line EBD rotates and becomes steeper.