Free trade is ________, because it ________ the size of the pie available to the economy.
A. efficient; increases
B. inefficient; increases
C. efficient; decreases
D. inefficient; decreases
Answer: A
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Each week Jim buys the same market basket composed of a case of ramen noodles, two bottles of coke, and three bags of tortilla chips. Jim has found that it takes more of his wages to buy this market basket than before. Jim is experiencing ________.
A. disinflation B. depreciation C. inflation D. deflation
When people use a recognition heuristic, they often get answers right because the correct answer is usually the one they are familiar with while the incorrect answer is the one which is unfamiliar to them
Indicate whether the statement is true or false
Which of the following is a correct listing of industry models ordered from most competitive to least competitive?
a. perfect competition - monopolistic competition - monopoly b. perfect competition - monopoly - monopolistic competition c. monopolistic competition - perfect competition - monopoly d. monopolistic competition - monopoly - perfect competition
The more elastic the supply of a product, the more likely it is that the
a. burden of a tax on the product will fall on sellers. b. burden of a tax on the product will fall on buyers. c. burden of a tax on the product will fall equally on both buyers and sellers. d. deadweight loss of the tax will be smaller.