Markets exist
A) because each person specializes in the production of many products.
B) because people are self-sufficient.
C) as an arrangement where buyers do not interact with sellers.
D) so people can buy and sell things.
D
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Refer to Figure 13.1. If the voting method used to select a location for the recreation center is the plurality-rule method, the number of voters who will vote against the winning city is
A) 135. B) 195. C) 255. D) 405.
Which of the following does not increase (i.e., shift) the supply curve of real loanable funds?
a. Open market purchases of government securities by the central bank. b. A decrease in the discount rate. c. A decrease in the reserve ratio by the central bank. d. An increase in the preferred asset ratio for currency in circulation (C/D), due to a shift in household preferences. e. All of the above increase the supply.
How many households in the United States receive their incomes mainly from the business sector?
A. 300 million B. 117 million C. 50 million D. 39 million
Total consumer surplus in a market is measured as the
A. area bounded below the market clearing price and above the market supply curve. B. horizontal distance from the vertical (price) axis to the equilibrium quantity. C. vertical distance from the horizontal (quantity) axis to the market clearing price. D. area bounded above the market clearing price and beneath the market demand curve.