In the economic way of thinking, the right to coerce adults is
A) immoral.
B) a property right.
C) the most efficient way for management to control labor.
D) necessarily antithetical to a free and open society.
E) good because it's rooted in the Old Testament.
B
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An industry is likely to be an increasing-cost industry when
a. all firms are identical. b. it represents a negligible fraction of the total demand for inputs. c. industry expansion permits the development of supporting subindustries. d. some firms are more efficient than others.
Suppose coffee prices, gasoline prices, and concert ticket prices are all sharply higher this year compared to last year. The economy is experiencing
A) disinflation. B) deflation. C) inflation. D) possibly A, B, or C above.
Answer the following statements true (T) or false (F)
1. The quantity supplied is inversely related to price. 2. If demand and supply increase by the same amount, equilibrium price will rise. 3. If supply increases more than demand, equilibrium price will fall. 4. A change in demand occurs whenever consumers will purchase more because of a decrease in price. 5. An increase in demand tends to increase both the equilibrium price and the amount of a commodity exchanged.
If a consumer increases her quantity of ice cream consumed by 100% when her income rises by 25%, then her income elasticity of demand for ice cream is
A) 8.0. B) 4.0. C) .25. D) .08.