Queuing is a way to ration goods
A) on a first-come, first-serve basis.
B) through prices.
C) through the use of political power.
D) through markets.
A
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Whenever a buyer and a seller agree to trade, both must believe they will be made better off
A) whether the buyer and seller live in the same city or different countries. B) only if the buyer and seller live in countries with market economies. C) unless one party is richer than the other. D) unless the buyer resides in a different country than the seller. International trade may make the buyer or seller worse off.
Suppose you are the manager of Good Smells, a home fragrance firm. To make your fragrance, you purchase orange peels from orange juice manufacturers. If the demand for orange juice increases, this will cause the production of orange juice peels to ________ and the price of orange juice peels to ________.
A) decrease; rise B) increase; rise C) decrease; fall D) increase; fall
A company town in the lumber or mining industry is an example of a
A) monopoly. B) bilateral monopoly. C) buyer's monopoly. D) monopsony.
The circular flow diagram is
a. an accurate description of reality b. an economic model c. not expected to explain reality d. a road map explaining all money flows in the economy e. a road map explaining all product flows in the economy