A pure market economy exists in ______.
a. the United States and most other developed countries
b. no country at this time
c. all democratic republics
d. North Korea and Cuba
b. no country at this time
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Which of the following situations will arise in the domestic market following the removal of an import quota?
A) imports increase, domestic production increases, prices increase B) imports decrease, domestic production decreases, prices increase C) imports decrease, domestic production increases, prices decrease D) imports increase, domestic production decreases, prices decrease
To say that one policy is better than another because it is more efficient is a normative, not a positive, statement.
Answer the following statement true (T) or false (F)
In the above figure, if the milk industry is perfectly competitive, then the firm's marginal revenue curve is represented by
A) curve F. B) curve G. C) curve H. D) curve I.
Refer to Figure 4-10. With rent control, the quantity supplied is Q1. Suppose apartment owners ignore the law and rent this quantity for the highest rent they can get. What is the highest rent they can get?
A) more than R1 B) R* C) R1 D) R0