In general, a plot of land goes to
A. whomever the government designates.
B. the highest bidder.
C. the person who can make the best use of it.
B. the highest bidder.
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People often complain bitterly when they learn that CEOs of non-profit companies like the United Way or the Red Cross earn salaries commensurate to what could be earned in by CEOs employed by for-profit companies? Is this complaint valid? Explain
What will be an ideal response?
Scarcity: a. occurs only in centrally planned economies
b. will likely be eliminated by technological progress. c. exists only in poor nations. d. occurs if there are insufficient resources to provide for human wants.
If the price elasticity of demand for a good is 3.0, it is clear that the good
a. would be a poor choice to tax if the object is to raise tax revenue b. would be an excellent choice to tax if the object is to raise revenue c. is an essential good d. has a demand curve that is price inelastic at every price level e. is a complementary good
Retired individuals:
a. Are always harmed by inflation. b. Are almost always helped by inflation. c. Are helped by inflation when it is unexpected. d. Are harmed by inflation when it is expected. e. Could be helped by inflation if their spending patterns are not like the average consumer.