A market includes
a. buyers only.
b. sellers only.
c. both buyers and sellers.
d. the place where transactions occur but not the people involved.
c
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Which of the following policies would a Keynesian expect to produce the largest increase in income?
a. a reduction in government spending of $100 billion b. an increase in transfer payments of $100 billion c. an increase in government spending of $100 billion d. a tax cut of $100 billion
What does the law of supply state?
a. Price and quantity demanded are inversely related. b. An increase in demand will cause a leftward shift in the supply curve. c. Price and quantity supplied are positively related. d. A shift in the supply curve must be the result of a change in prices.
Government often finds it difficult to cope with externalities because
A. costs and benefits are difficult to assess in monetary terms. B. taxes and subsidies are ineffective in equating MSC and MSB. C. government has no authority to impose fines for air and water pollution. D. marginal private cost curves cannot be shifted.
Which of the following DVC policies is not likely to increase DVC economic growth?
A. Privatizing state industries. B. Controlling population growth. C. Restricting direct foreign investment from abroad. D. Building human capital.