If one adopts a pure free market approach to depletable resources, then one can expect the price of resources to
a. rise steadily.
b. fall steadily.
c. fluctuate in a random-walk fashion.
d. remain unchanged.
a
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Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. The market price falls to $24. What area represents consumer surplus?
A) R + S B) V + W + X + Y C) R + S + V D) R + S + T + U
If women are not allowed to own property or inherit wealth but men are, this is an example of comparative advantage.
Answer the following statement true (T) or false (F)
The following economy produces two products.ProductsProduction Possibilities?ABCDEFSteel012345Wheat100907555300Refer to the above table. In moving from possibility A to F, the cost of a unit of steel in terms of a unit of wheat:
A. remains constant. B. increases. C. decreases. D. increases from A to B, and decreases from B to F.
Kelly buys a share of stock for $20 that she sells a year later for $15. Kelly's rate of return is:
A. positive 33 percent. B. negative 33.3 percent. C. negative 25 percent. D. negative 75 percent.