The perpetual problem in economics is:
A. our inability to work together effectively.
B. our inability to satisfy everyone's wants with the available resources.
C. likely to be solved in resource-rich countries.
D. our inability to utilize resources efficiently.
Answer: B
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Resale price maintenance involves a firm
a. colluding with another firm to restrict output and raise prices. b. selling two individual products together for a single price rather than selling each product individually at separate prices. c. temporarily cutting the price of its product to drive a competitor out of the market. d. requiring that the firm reselling its product do so at a specified price.
In an attempt to keep unemployment rate below its natural rate, many Latin American countries used expansionary fiscal and monetary policies heavily. These policy choices were the main reason why these same countries
a. true b. false
In economics, the meaning of demand refers to
A. how badly someone wants a good. B. the quantities of a good that people will buy at various prices. C. how efficient people produce goods. D. the quantities of a good that people will sell at various prices.
All of the following are true of the high-growth Asian economies EXCEPT
A) macroeconomic stability has been a high priority of their economic policies. B) strong, credible commitments to sharing economic growth across all layers of society exist. C) exports have been promoted while at the same time being more open to imports than other developing countries. D) restrictions on imports of capital goods have helped to favor the development of domestic technology.