The most likely substitute good for cereal would be:
A. pizza.
B. a hot dog.
C. milk.
D. a bagel.
Answer: D
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The supply of public goods must be left to government and nonprofit institutions. Why?
What will be an ideal response?
The Latin term "ceteris paribus" means:
A. that if event A precedes event B, A has caused B. B. that economics deals with facts, not values. C. other things equal. D. prosperity inevitably follows recession.
Figure 6.9 depicts a hypothetical fish market with a horizontal supply curve. The consumer surplus at the new equilibrium with $2 tax is shown by:
A. Triangle A. B. Triangle A + Rectangle B. C. Rectangle B + Triangle C. D. Triangle C + Rectangle E.
A tariff is
A) a government-imposed restriction on the quantity of a specific good that can be imported into the country. B) a tax on imported goods. C) a subsidy on domestically produced goods. D) a voluntary agreement to restrict exports.