Under a market system, an individual’s income is ultimately determined through
a. education.
b. training.
c. productivity.
d. the pricing system.
d. the pricing system.
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If a good has become more scarce, then we know for sure that
a. the demand for it increased. b. the supply of it decreased. c. either the demand for it increased or the supply of it decreased. d. both the supply of it and the demand for it decreased.
A country can gain by importing a good that it can make itself if
A. this enables the country to make another good in which it is extremely efficient. B. it has an absolute disadvantage in the good. C. this permits the country to establish comparative advantage in the good. D. All of the above are correct.
The biggest problem with the ________ was that it was unclear what specific acts were to be considered "restraints of trade."
A. Sherman Antitrust Act B. The Humphrey-Hawkins Act C. The Clayton Act D. The FTC Act
Income that flows to the private sector for services and production is called
A) national income. B) net income. C) derived income. D) deficit income.