Deciding how a society's products are distributed among its citizens answers the economic question of
A) how will the products be produced. B) where will the products be consumed.
C) what products will be produced. D) who consumes the products produced.
D
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Lemon laws are an attempt to reduce __________ in used car markets
a. symmetrical information b. adverse selection c. natural selection d. moral hazard e. the winner's curse
When a country abandons a no-trade policy, adopts a free-trade policy, and becomes an exporter of a particular good,
a. producer surplus increases and total surplus increases in the market for that good. b. producer surplus increases and total surplus decreases in the market for that good. c. producer surplus decreases and total surplus increases in the market for that good. d. producer surplus decreases and total surplus decreases in the market for that good.
Boundary setting refers to
A. managers requesting permission to ratify every decision made by an empowered worker. B. employees seeking approval for every decision from managers. C. workers setting up rules of empowerment that might influence their decision-making authority. D. managers preratifying certain decisions made by empowered workers within a certain range, while still maintaining supervisory control.
As the U.S. price level increases, other things equal, U.S. products become
What will be an ideal response?