In a mixed economy
a. all economies choose the same mix of private and public involvement in the economy.
b. the government is more important than the private sector in generating output.
c. there is some government influence over the workings of the free market.
d. all of the above.
c
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If Sam wants to increase her total revenue from her sales of flowers and she knows that the demand for flowers is price inelastic, she should
A) lower her price to increase the demand and shift the demand curve rightward. B) raise her price because she knows that the quantity demanded will also increase. C) raise her price because she knows that the percentage decrease in the quantity demanded will be smaller than the percentage increase in price. D) lower her price because she knows that the percentage increase in the quantity demanded will be greater than the percentage decrease in price.
The table above shows the production possibilities frontier for the nation of Isolanda
a) Find the marginal cost of a pound of fish using the above PPF. b) How does the marginal cost of a pound of fish change as more fish are caught?
If the value of a nation's merchandise exports exceeds merchandise imports, the nation is running a
a. capital account deficit. b. capital account surplus. c. balance of trade surplus. d. balance of trade deficit.
Scarcity is
A. a permanent human condition relative to the nearly limitless nature of human desires. B. a situation of shortage after a hurricane. C. represented by long lines at stores. D. the same thing as poverty.