Consumer sovereignty and "dollar votes" guide the market system in dealing with which fundamental economic question?
A. Which output will be produced?
B. How is the output to be produced?
C. How can the system accommodate change?
D. Who is to receive the output?
Answer: A
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A common tool for restricting trade through taxation is:
A. a tariff. B. immigration restrictions. C. international waters use policies. D. quota.
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Define implicit costs and provide an example that shows why it is important to consider them in a discussion of profit.
What will be an ideal response?