Markets promote
A) equity and competition.
B) voluntary exchange and equality.
C) equity and equality.
D) competition and voluntary exchange.
Answer: D
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Human capital refers to the:
A. Stock of knowledge and skills that enables a person to be productive and earn income B. Number of workers in a country's labor force C. Number of labor hours worked in a country D. Schools, highways, and other infrastructure that increases labor productivity
In a free market, the market price and quantity in the above figure will adjust to equilibrium values of
A) $1 per gallon and 50 million gallons. B) $4 per gallon and 10 million gallons. C) $2 per gallon and 60 million gallons. D) $2 per gallon and 30 million gallons.
Which of the following is an argument in favor of judging competitiveness by performance rather than structure?
A. Under the judgment by structure criterion, a firm may be breaking the law if it does what it's supposed to be doing: producing the best product it can at the lowest cost. B. Courts know little economic theory. C. Structure can be a predictor of future performance. D. Judgment by performance requires that each action of a firm be analyzed on a case-by-case basis, which is very time-consuming and expensive.
In reading bond quotes:
A. the bid price is usually above the asked price. B. the asked price is usually above the bid price. C. the asked price is fixed over the life of the bond. D. bid and asked prices must be equal as set forth by SEC regulations.