Refer to the information provided in Figure 16.1 below to answer the question(s) that follow. 
Figure 16.1 Refer to Figure 16.1. ________, 60 bags of fertilizer will be produced.
A. With government intervention
B. Absent government intervention
C. With a price ceiling
D. To avoid shutting down
Answer: B
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If leisure is a normal good and the economy expands so that national income rises by 3% next year then theoretically what ought to happen to the amount of work that should take place?
What will be an ideal response?
If Australia has more land per worker, and Belgium has more capital per worker,then if trade began between these two countries
A) the real income of landowners in Belgium would decline. B) the real income of capital owners in Australia would increase. C) the real income of labor in Australia would decline. D) the real income of labor in Belgium would decline. E) the real income of labor in both countries would decline.
Which of the following is not an obstacle to achieving environmental efficiency through markets?
a. Transactions costs. b. Income effects. c. Free-rider problems. d. Private negotiations.
If the equilibrium price of good X is $5 and a price ceiling is imposed at $4, the result will be a(n):
a. accumulation of inventories of unsold gas. b. shortage. c. surplus. d. all of these.