A market is not really a place but rather the process of buyers and sellers exchanging goods and services
a. True
b. False
Indicate whether the statement is true or false
True
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An American farmer buys an irrigation system from a Norwegian irrigation company based in Oslo. To Americans, the irrigation system is a(n)
A) import. B) export. C) quota. D) tariff.
The formal definition of price elasticity of demand is
A) change in quantity demanded divided by change in price. B) quantity demanded divided by price. C) percentage change in quantity demanded divided by percentage change in price. D) quantity demanded multiplied by price and divided by 100.
When the invisible hand is at work,
a. the price system will sometimes give incorrect cost signals to consumers. b. the price system will allocate resources based only on consumer need. c. all prices will be set equal to marginal costs. d. there will be some shortages and surpluses that cannot be avoided.
________ believed that to increase agricultural output, people would be forced to farm land more intensively, in which case the returns to successive increases in population would diminish.
A. Thomas Malthus and David Ricardo B. John Maynard Keynes and Milton Friedman C. Arthur Okun and Arthur Laffer D. Adam Smith and John Baptiste Say