In a market economy, who decides what goods and services will be produced?
A) only the producers B) consumers and producers
C) the government D) only consumers
B
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An efficient use of resources occurs when
A) there is a deadweight loss. B) the total social benefit of a good equals its total social cost. C) there is perfect price discrimination by a monopoly. D) there is no producer surplus.
Refer to Table 8-31. The table above represents hypothetical data from the National Income Accounts for 2015. Use the data to calculate personal income and disposable personal income
What will be an ideal response?
The price of gold is $300 per ounce in New York and 2,550 pesos per ounce in Mexico City. If the law of one price holds for gold, the nominal exchange rate is ________ pesos per U.S. dollar.
A. 85.5 B. 8.5 C. 0.118 D. 1.18
A price-discriminating monopoly charges the lowest price to the group that:
A. has the most elastic demand. B. purchases the largest quantity. C. engages in the most arbitrage. D. is least responsive to price changes.