Trade barriers are an expensive and inefficient way to reach most of the goals for which they are used
Indicate whether the statement is true or false
TRUE
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The figure above shows the market for milk. If a drought lowers the productivity of dairy cows so that they give less milk, then the efficient quantity of milk ________ and the consumer surplus ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Income is the only factor used to measure a person's wealth.
A. True B. False C. Uncertain
When collective decision making is utilized to resolve economic questions regarding the allocation of resources,
a. the role of markets will be replaced by political decision making. b. centralized decision making in all areas is inevitable. c. the preferences of individuals are of no importance. d. economic efficiency will be assured.
When OPEC raises the price of petroleum, American expenditures on oil imports increase, suggesting that
A. the United States’ elasticity of demand for imported oil is greater than one. B. the United States’ elasticity of demand for imported oil is less than one. C. imported oil and domestically produced oil are complementary goods. D. the short-run elasticity of demand for oil is greater than the long-run elasticity.