Consumer-oriented exports include which of the following types of products?
A) Wheat, pineapple and soybean oil B) Vegetables, fruit and live cattle
C) Beef, ice cream and chicken D) All of the above
Answer: C
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A market economy benefits from market power
A) if firms with market power do research and development with the profits earned. B) if market power gets so bad the government creates public enterprises. C) if the majority of the population are entrepreneurs. D) under no circumstances.
Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
In The Economy Tomorrow analysis in the text stated that thousands of people were waiting for a kidney transplant. Which of the following statements is true?
A. There is not an organ shortage. B. Allowing the sale of kidneys at a price greater than zero would likely increase the number of available kidneys. C. A price ceiling of zero is effectively a prohibition against donating organs. D. Allowing the sale of kidneys at a price greater than zero would decrease the number of available kidneys.