Which of the following statements is false?
A. Critics feel that wage and price controls interfere with the price mechanism.
B. Sweden has one of the world's most equal distributions of income, but also has a relatively low standard of living.
C. In the former Soviet Union, most of the crops were produced on collective farms.
D. The price system is based on supply and demand.
B. Sweden has one of the world's most equal distributions of income, but also has a relatively low standard of living.
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If Pepsi goes on sale and decreases its price by 10 percent, and as a result, the quantity demanded of Coca Cola decreases by 5 percent, then Pepsi and Coke are ________ goods
A) inferior B) normal C) substitute D) complementary E) unrelated
Some employers choose to discriminate as a means of ____ information costs by hiring workers from a similar background as those that were ____ productive in the past
a. increasing; more b. reducing; more c. increasing; less d. reducing; less
Suppose you will receive $800 in two years. If the interest rate is 5 percent, then the present value of this future payment is
a. $725.62 . It would be higher if the interest rate were higher. b. $727.28 . It would be higher if the interest rate were higher. c. $725.62 . It would be lower if the interest rate were higher. d. $727.28 . It would be lower if the interest rate were higher.
This graph of negative externalities in production shows that the social costs of a negative externality are always ______ the private costs.
a. the inverse of
b. the same as
c. higher than
d. lower than