Which of the following is the reason why every society needs to develop an economic system?
Ans: Since every society has unlimited wants but limited resources.
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If a tax is imposed on buyers in a market in which supply is perfectly inelastic, the
A) buyers pay the entire tax. B) sellers pay the entire tax. C) buyers and the sellers both pay a portion of the tax. D) neither the buyers nor the sellers pay the tax.
Branding:
A. can be a barrier to entry. B. guarantees high-quality products. C. promises the differences in products are completely perceived and not real. D. All of these statements are true.
Assuming that chicken and beef are substitutes, a decrease in the price of beef, other things being equal, will:
a. decrease the demand for beef. b. increase the demand for chicken. c. decrease the demand for chicken. d. increase the demand for beef.
Cindy recently graduated from law school. She is currently unemployed as she searches for work in Dallas, Texas. What type of unemployment is Cindy experiencing?
a. Frictional b. Seasonal c. Structural d. Cyclical