To understand the public sector, we must understand not only how government allocates resources, but also the importance role that _____ play in the policy-making process
a. corporations
b. families
c. politics
d. individuals
c
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Which of the following is a valid reason for protecting an industry?
A) The industry is unable to compete with low-wage foreign competitors. B) Protection penalizes lax environmental standards. C) Protection keeps richer nations from exploiting the workers of poorer countries. D) None of the above reasons is a valid reason for protection.
Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket is $50
A) no one will buy a ticket. B) Violet's consumer surplus is $2. C) consumer surplus will be maximized. D) everyone will buy a ticket.
Refer to Figure 2-10. If the economy is currently producing at point D, what is the opportunity cost of moving to point B?
A) 16 thousand spoons B) 46 thousand forks C) 0 forks D) 60 thousand spoons
Which of the following is a characteristic of pure capitalism?
a. all resources are owned communally b. economic activity is coordinated by government decision makers c. the price system is used to guide resources to their highest-valued uses d. centralized economic planning is used to answer the basic economic questions e. individual choices are reflected only through collective decisions