In competitive markets a surplus or shortage will:
a. Cause buyer and seller reactions which tend to intensify the surplus or shortage
b. Never exist
c. Cause buyer and seller reactions which tend to eliminate the surplus or shortage
d. Cause shifts in the demand and supply curves
c. Cause buyer and seller reactions which tend to eliminate the surplus or shortage
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After the U.S. government had approved the feeding of hormones to U.S. beef cattle, several western European nations restricted the import of beef from the U.S. Which of the following tools of commercial policy had been put to use in this situation?
a. Tariff b. Quota c. Health and safety standards d. Subsidy e. Government procurement
The marginal utility per dollar spent on a good represents the
a. satisfaction received for each dollar spent on the last unit consumed b. total satisfaction received from consuming a certain number of units of that good c. dollar value of average utility d. change in price due to a one-unit increase in total utility e. price paid for the last unit of utility
Businesses that fail to account for implicit costs, like the strawberry farmer, Hiroshi Fujishige, who failed to consider the enormous opportunity of selling his property to Disneyland, will
A. Make higher-than-normal profits. B. Make more money when they shut down. C. Have to increase revenues in order to stay in business. D. Go out of business immediately.
(Last Word) The safest way for an individual to leave a burning theater is to run for the nearest exit; it is therefore also the best means of escape for a large audience. This assertion illustrates the:
A. "after this, therefore because of this" fallacy. B. correlation fallacy. C. fallacy of composition. D. fallacy of limited decisions.