A grocery store with few choices is found is most likely found in a nation with a market economy
a. true
b. false
Ans: b. false
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Refer to Table 9-11. Which country has a comparative advantage in producing hats?
A) Denmark B) Belize C) both countries D) neither country
Which of the following statements describes economists' attitudes regarding the influence of social factors on the choices consumers make?
A) Economists believe social factors affect consumer choice in markets for public goods but not in markets for private goods. B) Liberal economists believe social factors are very important; conservative economists do not believe social factors have any influence on consumers. C) Economists traditionally believed they were unimportant, but many economists now believe social factors are important. D) Economists formerly believed they were very important but now they believe they are not important.
The MU/P equalization principle means consumers will spend their income (budget) so that the MU/P ratio of the goods consumed is
a. zero for each good b. higher for goods the consumer wants the most (highest marginal utility) c. maximized for the goods the consumer wants the most (highest marginal utility) d. higher than TU/P e. the same for each good
Even though in oligopoly the actions of one firm have a perceptible effect on the other firms, oligopoly firms act independently.
Answer the following statement true (T) or false (F)