In 18th century Europe, governments gave guilds legal authority to limit production of goods. This authority obstructed the market mechanism because the guild's actions prevented the forces of ________ from coordinating the self-interested decisions of
producers and consumers.
A) absolute advantage
B) demand and supply
C) opportunity cost
D) nature
Answer: B
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Refer to the figure above. What is the producer surplus when Lithasia engages in trade and the government imposes a tariff of $1 on chairs?
A) $5 B) $20 C) $30 D) $40
Over the past 100 years, what has happened to the average workweek in the U.S. manufacturing industry? Why has this occurred? What are the implications for the size of the income and substitution effects?
What will be an ideal response?
According to the Laffer curve, the federal tax rate affects:
a. incentive to work. b. savings. c. investment. d. tax revenue. e. All of these.
From 1979 to 2011, which country had the lowest growth rate of GDP per hour of work?
a. Singapore b. United States c. France d. Japan