According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development.
B. a sufficient condition for development but not a necessary condition.
C. a necessary condition for development but not a sufficient condition.
D. neither a necessary nor a sufficient condition for development.
Answer: C
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Electric car manufacturers want to sell more electric cars at a higher price. Which of the following events would have this effect?
A) an increase in the price of gasoline. B) technological advancement in the production of electric car batteries. C) an increase in the number of manufacturers of electric cars. D) a decrease in the price of lithium, which is used in the electric car batteries.
Refer to Figure 1-1. Using the information in the figure above, calculate the percentage change in sales of alcoholic beverages between 2012 and 2016
A) 30% B) 50% C) 66.7% D) 100%
According to the graph shown, total surplus is:
A. $25.
B. $90.
C. $50.
D. $130.
In situations where businesses who choose to discriminate because they are prejudiced are few in an industry, discrimination:
A. will be eliminated by the competitive market. B. will persist because customers will not give them patronage. C. will persist in an efficient market. D. None of these is true.