One of the necessary conditions for price discrimination to occur is that:
a. buyers in different markets have different elasticities of demand.
b. the demand curve is upward sloping.
c. buyers must be allowed to resell the good at a higher price elsewhere.
d. all of these are necessary for price discrimination to occur.
a
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The government's budget deficit is best represented by which of the following equations?
A) Budget deficit = Government purchases of goods and services + Transfer payments + Interest payments on existing debt + Seigniorage B) Budget deficit = Government purchases of goods and services + Transfer payments + Tax revenue+ Newly issued government bonds C) Budget deficit = Government purchases of goods and services + Interest payments on existing debt + Newly issued government bonds + Seigniorage + Transfer payments - Tax revenue D) Budget deficit = Government purchases of goods and services + Transfer payments - Tax revenue + Interest payments on existing debt
GDP per capita is a relatively good measurement of:
a. the distribution of income. b. purchasing power. c. household production. d. the standard of living.
According to Adam Smith, individuals are directed to do those things for which they have a comparative advantage by:
A. corporate management. B. the educational system. C. their self-interest. D. government policy.
Which of the following statements is not true for a command economy?
A. The government decides what is produced. B. The amount of a good supplied always equals the amount of the good demanded. C. Consumers have some choices concerning what they buy. D. The state decides how to distribute what is produced.