Which of the following pairs of goods are substitutes?
a. baseballs; bats
b. bicycles; bicycle helmets
c. skim milk; ice cream
d. domestic cameras; foreign cameras
d. domestic cameras; foreign cameras
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The combination of producer and consumer surplus shows the:
a. maximum price that buyers are willing to pay for a good b. minimum price buyers are willing to pay for a good c. maximum price that sellers can charge. d. minimum price below which sellers will not sell. e. gains from voluntary exchange.
The demand curve for a particular stock at any point in time is
A) very inelastic but not infinitely so. B) almost infinitely inelastic. C) infinitely elastic. D) fairly elastic but not infinitely elastic.
Which of the following is not an example of rent seeking?
A. A firm uses resources to convince a legislature to direct subsidies toward the firm. B. A mastermind hires a crew to tunnel into a bank vault. C. A person listens to an outdoor concert without paying. D. A window salesman throws bricks through perfectly fine windows.
Which of the following is correct about the economic decisions consumers, firms, and the government have to make?
A) Governments may face the problem of shortages but not scarcity in making economic decisions. B) Only individuals face scarcity; firms and the government do not. C) Firms and the government face scarcity, individuals only face shortages. D) Each faces the problem of scarcity which necessitates trade-offs in making economic decisions.