Political instability is an obstacle to development in:
A. both market and socialist economies.
B. neither market nor socialist economies.
C. market economies.
D. socialist economies.
Answer: A
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If the demand for jelly decreases, and the price of grapes (used to make jelly) rises
A) the equilibrium price of jelly falls and the equilibrium quantity of jelly might rise or fall. B) the equilibrium price of jelly rises and the equilibrium quantity of jelly might rise or fall. C) the equilibrium price of jelly might rise or fall, and the equilibrium quantity of jelly falls. D) the equilibrium price of jelly might rise or fall, and the equilibrium quantity of jelly rises.
A firm is more likely to use a labor-intensive method of production when the relative amount of available labor is greater than the available amount of capital
Indicate whether the statement is true or false
It is not possible for a regulated public utility to earn economic profits in the short run
a. True b. False Indicate whether the statement is true or false
Which of the following policies is most likely to encourage innovation, higher quality goods, and lower prices? I. Encouraging public-private partnerships II. Passing government regulations to reduce business failures and protect consumers III. Reducing barriers that limit entry of firms into new and existing markets
a. II and III b. III only c. I only d. I and II