Which of the following does not contribute to economic freedom?
A.Government regulation of production processes.
B. Government enforced property rights.
C. Government enforced legal rights.
D. Government established political rights.
A.Government regulation of production processes.
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An important reversal has created a new trend in economic inequality, which is that
a. wealth gaps between countries are now increasing. b. wealth gaps within states are now increasing. c. gaps in wealth are now smallest among the most populated nations. d. gaps in wealth are now no longer prominent or influential.
Because the goods offered for sale in a competitive market are largely the same,
a. there will be few sellers in the market. b. there will be few buyers in the market. c. only a few buyers will have market power. d. sellers will have little reason to charge less than the going market price.
As cities prospered and per-capita incomes increased, the demand for bus travel diminished. This suggests that:
A. cities could raise revenue by increasing bus fares. B. the demand for bus travel is price elastic. C. bus travel and automobile travel are complements. D. bus travel is an inferior good.
Table 19.2Quantity ConsumedTotal UtilityMarginal Utility115152 9330 4 3In Table 19.2, the total utility when four units are consumed is
A. 30. B. 33. C. 6. D. 3.