Laissez-faire refers to a situation in which there is ____ with the workings of the market system
a. zero consumer involvement
b. zero government interference
c. minimal government interference
d. complete government interference
c
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Holding everything else constant, an increase in the price of MP3 players will result in
A) a decrease in the demand for MP3 players. B) a decrease in the quantity of MP3 players supplied. C) an increase in the supply of MP3 players. D) a decrease in the quantity of MP3 players demanded.
Which of the following would raise both the equilibrium price and the equilibrium quantity of strawberries?
A. A decrease in the demand for strawberries. B. An increase in the demand for strawberries. C. A decrease in the supply of strawberries. D. An increase in the supply of strawberries.
Higher interest rates and, therefore, a decrease in investment spending are most likely to be caused by which policy mix?
A. Deficit reduction and expansionary monetary policy B. Larger deficits and contractionary monetary policy C. Larger deficits and expansionary monetary policy D. Deficit reduction and contractionary monetary policy
The table above shows four methods for producing 10 computer desks a day. If the cost of a worker is $100 a day and the cost of capital is $100 a day, the method that is economically efficient is ________
A) C B) B C) B, C, or D D) A