Land, water, metals, and minerals are considered to be
a. non-scarce resources because they are "gifts of nature"
b. free resources because they are "gifts of nature"
c. manufactured resources because no resource is useable without labor
d. natural resources that are "gifts of nature"
e. renewable resources that are "gifts of nature"
D
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Which of the following have their profits taxed twice?
a. sole proprietorships b. partnerships c. corporations d. nonprofit institutions e. S-corporations
Which of the following is not a determinant of supply?
a. input prices b. technology c. tastes d. expectations
Markets provide the efficient amount of a good or service when
a. externalities are present. b. monopoly exists. c. public goods are present. d. competition is present and externalities and public goods are absent.
A price ceiling that is set above the equilibrium price will result in:
A. a loss in total economic surplus. B. a market price that is above the equilibrium price. C. no change in total economic surplus. D. an increase in consumer surplus.