When collective decision making is utilized to resolve economic questions regarding the allocation of resources,
a. decentralized decision making is inevitable.
b. central planning and political bargaining will replace market forces.
c. individual preferences are of no importance.
d. economic equality will result.
B
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Canada is a major world producer and exporter of wheat and a great percent of its GDP is derived from this one good. That's both good news and bad news for Canada. The good news is
a. that other countries have less of a target to retaliate on but the bad news is that they are most likely to retaliate b. that Canada can concentrate on principally one good but the bad news is that its comparative advantage changes when its absolute advantage changes c. that Canada can concentrate on principally one good but the bad news is that its absolute advantage changes when its comparative advantage changes d. that Canada gets substantial gains from trade but the bad news is that other countries may retaliate against all Canadian exports e. that Canada gets substantial gains from trade but the bad news is that price changes in wheat can erode much of the gains
Two goods are substitutes if:
A) an increase in the price of one leads to a shift to the left in the demand curve for the other. B) an increase in the price of one leads to an increase in demand for the other. C) an increase in the price of one will increase the supply of the other. D) a fall in the price of one leads to a reduction in supply for the other.
Which of the following are included in the U.S. current account balance?
I. exports to Japan II. interest payments made to Canada III. transfer payments made to Israel A) I only B) I and II C) I and III D) I, II and III
Based on Figure 3.1, it can be inferred that:
A) Alvin does not consider good X as "good." B) Alvin will never purchase any of good Y. C) Alvin regards good X and good Y as perfect substitutes. D) Alvin regards good X and good Y as perfect complements. E) none of the above