The deregulation of a few major industries began in the
A. late 1950s.
B. late 1960s.
C. late 1970s.
D. late 1980s.
C. late 1970s.
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The form of economic organization in which all property is held in common is called
A) communism. B) capitalism. C) socialism. D) utilitarianism.
In a competitive market with no externalities,
A) the consumer surplus is equal to zero because of competition. B) buyers cannot control the price, so the consumer surplus is zero. C) at the equilibrium price, marginal benefit exceeds marginal cost. D) at the equilibrium price, marginal benefit equals marginal cost. E) at the equilibrium price, the total amount of consumer surplus equals the total amount of producer surplus.
The responsibility of paying for the Social Security benefits for currently retired individuals falls on
A. the retired people themselves. B. no one, since the government prints the money. C. current and future workers. D. only working people over 50 years of age.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.