The market for heroin, for example, is what economists call a(n) ______ market.
a. illegal
b. irregular
c. regulated
d. social
a. illegal
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Refer to Sales Tax. After the tax is imposed, social gain is equal to
The following questions refer to the accompanying diagram which shows the effects of a sales tax imposed on consumers. The initial price and quantity are P0 and Q0, respectively. After the tax is imposed, the equilibrium quantity is Q1, firms receive the price Ps, and consumers pay the price Pd.
a. area A + D + E + G + H + J.
b. area B + C + F + I - J.
c. area A + B + C + D + E + F + G + H + I.
d. area A + B + C + D + F + G + I.
Who was the author of the following prediction: in the absence of a system for enforcing order in society, life will be "solitary, poor, nasty, brutish, and short"?
A) Thomas Hobbes B) John Maynard Keynes C) Thomas Kuhn D) Jean-Jacques Rousseau E) Adam Smith
An increase in the price of wheat futures will tend to cause
A) a decrease in current wheat consumption. B) an increase in short-selling of wheat. C) a shortage of wheat in the future. D) a surplus of wheat in the future.
Which is included in GDP?
A. Bread for a restaurant. B. Used autos purchased by consumers. C. Social Security payments. D. Telephone service for a home.