Centralized planning agencies are a key feature of command economies
a. True
b. False
Indicate whether the statement is true or false
True
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In the economic way of thinking, a wetland is a scarce good. Thus,
A) there is a substitute for a wetland. B) there is no substitute for a wetland. C) wetlands should be preserved at any cost. D) wetlands can be preserved at no cost. E) economists don't like wetlands.
If a firm is a natural monopoly, competition from other firms cannot be counted on to force price down to the level where the company earns zero economic profit. How are prices usually set in natural monopoly markets in the United States?
A) Natural monopolies are privately owned and are allowed to set their own prices. Government regulation of the firms would result in greater deadweight losses. B) Local or state regulatory commissions usually set prices for natural monopolies. C) Natural monopolies are privately owned, but prices proposed by the firms must be approved by the Antitrust Division of the Department of Justice. D) Each natural monopoly is made a public franchise. The public franchise is then required to set its price equal to its marginal cost.
People who often impose cost on the majority in order to benefit certain groups are called:
a. laissez-faire groups. b. encounter groups. c. fair-interest groups. d. special-interest groups. e. none of these.
Gold is sold in world markets, usually priced in terms of troy ounces. In the market for gold, the price elasticity of demand for gold would be expressed as
A) the number of troy ounces of gold sold. B) the number of whatever currency is used in purchasing the gold. C) the number of dollars spent on gold. D) a unitless number.