What would be an example of a consumption service?
A) Jake buys an iPhone.
B) The local driver's license office purchases a new digital camera and printer.
C) Rhianna gets a haircut.
D) Donald Trump purchases furniture for his office.
E) Antonio, the manager of the local Taco Hut, purchases a new deep fryer.
C
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Refer to Figure 4-1. If the market price is $2.50, what is Kendra's consumer surplus?
A) $9.00 B) $7.50 C) $1.50 D) $0
The Federal Trade Commission was established in 1914 to
A) regulate trade of public goods. B) promote competition in interstate commerce. C) investigate unfair competitive practices. D) prevent non-price competition.
Inefficiency is a flaw of a command economy because there is less incentive for resources to flow to their highest-valued uses
a. True b. False
Some nations are more involved in international trade than others, as measured by exports as a percentage of GDP. Which of the following most closely matches the exports as a percentage of GDP for the U.S. in 2009?
a. 71 percent b. 51 percent c. 31 percent d. 11 percent