In most markets, scarce goods or services are rationed among competing users using:
A. private organizations.
B. government organizations.
C. non-monetary prices.
D. monetary prices.
Answer: D
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Which of the following groups has had declining labor force participation over the past 30 years?
A. Women B. Men C. Teenagers D. Americans
Regulation that intends to improve the quality of service provided by carpenters will tend to increase the price of their services
a. True b. False
How did states respond to the decline in their economies after the Great Depression?
a. by getting consumers to buy domestically produced goods b. by breaking treaties and discontinuing tariffs c. by enacting last-resort measures
Answer the following questions true (T) or false (F)
1. The income effect results in consumers increasing the quantity of normal goods demanded when the price falls. 2. The demand curve for a Giffen good slopes upward. 3. The only Giffen goods that have been identified so far in the real world are luxury goods.