Government ownership of property and resources in the United States is
a. about as common as it is in European countries.
b. widespread; the United States is a leader in the amount of government ownership of resources.
c. relatively rare; the United States is mostly privatized.
d. rare, but has been increasing rapidly as the United States catches up to other countries.
c
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If inflationary expectations on the part of the public increase, the trade-off between inflation and unemployment becomes worse
Indicate whether the statement is true or false
Which statement below does not describe a demand curve that is unit elastic?
a. The percentage change in quantity demanded equals the percentage change in price. b. An increase in price will not change total revenue. c. The price elasticity of demand equals one. d. A change in price will not change quantity demanded. e. A decrease in price will not change total revenue.
Suppose that the organic-produce industry is composed of a large number of small firms. In recent years, these firms have suffered economic losses, and many sellers have left the industry. Economic theory suggests that these conditions will
a. shift the demand curve outward so that price will rise to the level of production cost. b. cause the remaining firms to collude so that they can produce more efficiently. c. cause the market supply to decline and the price of organic produce to rise. d. cause firms in the organic-produce industry to suffer long-run economic losses.
The production possibilities curve illustrates which two of the following essential principles?
A. Economic growth and market failure. B. Factors of production and price signals. C. Market mechanisms and laissez faire. D. Scarce resources and opportunity cost.