If the number of automobile manufacturers decreases
A) the supply of automobiles increases. B) the demand for automobiles increases.
C) the demand for automobiles decreases. D) the supply of automobiles decreases.
D
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U.S. official reserves are the ________
A) reserves of U.S. dollars held by the World Bank B) U.S. government's holdings of foreign currency C) reserves of U.S. dollars held by foreign banks D) holdings of foreign currency by the public and the banks
When the price of steel rises, Ford uses more aluminum in the production of its cars. This is an example of
a. substitution in consumption. b. substitution in production. c. a change in the marginal productivity of a resource. d. derived demand.
Is price discrimination always legal in the United States?
A. No, while price discrimination is legal throughout the country, it is not allowed if it is used to drive rivals out of business. B. Yes, a firm can price discriminate as long as it benefits them. C. No, price discrimination is discrimination, and its practice is never allowed in the United States. D. No, price discrimination is not legal in some states like California and Nebraska.
In a voluntary contributions experiment described at the end of the chapter, the chump is the individual who:
A. is systematically exploited by others. B. contributes money to fund a public good equal to the benefits they ultimately receive. C. free-rides. D. contributes money to fund a public good much less than the benefits they ultimately receive.