In a world of scarcity, there has to be some way to ration the available resources. According to economists, the most efficient use of available resources occurs when rationing occurs via
A) queuing.
B) lotteries.
C) political power.
D) the price system.
Answer: D
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Increases in autonomous expenditure induce ________ in aggregate expenditure thereby making the multiplier ________
A) further increases; greater than one B) further increases; unnecessary C) further increases; less than one D) a decrease; less than one E) a decrease; greater than one
The following table shows the number of labor hours required to produce one gallon of wine and one pound of cheese in the United States and France. If the United States and France engage in free trade with each other, the international price of wine will lie between ________ and Labor hours to make:In the United StatesIn France1 gallon of wine4.001.001 pound of cheese1.002.00
A. one pound of cheese per gallon; four pounds of cheese per gallon. B. 0.5 pound of cheese per gallon; four pounds of cheese per gallon. C. 0.5 pound of cheese per gallon; two pounds of cheese per gallon. D. one pound of cheese per gallon; two pounds of cheese per gallon.
If a city council holds hearings on a proposed law that would require all restaurants to provide segregated tables for nonsmokers, the people most likely to be well represented at the hearings are
What will be an ideal response?
Suppose that income increases and the quantity demanded of guitars stays the same. This means that the income elasticity of guitars is unit elastic.
Answer the following statement true (T) or false (F)