In a market economy,
a. a larger income for one person means a smaller one for another.
b. the government answers all the basic economic questions.
c. a larger income for one person means it is possible for others to benefit also.
d. economic output shrinks as we discover better ways of doing things.
c. a larger income for one person means it is possible for others to benefit also.
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The higher price of imported products due to trade barriers causes some consumers to shift their purchases to a domestically produced product that is now
A. lower in price because import competition has declined. B. higher in price because import competition has declined. C. lower in price because import competition has risen. D. higher in price because import competition has risen.
Governments that chose to make endangered elephants private goods have met with more success protecting elephants than governments that chose to make killing elephants illegal
a. True b. False Indicate whether the statement is true or false
If the external costs of production are NOT taken into account, then production will
A) be less than socially desirable. B) be more than socially desirable. C) be the same since only prices are affected by externalities. D) cease.
What are the common errors that are made when completing a performance appraisal for subordinate officers?
What will be an ideal response?