Wage and price controls imposed for an extended period of time are likely to result in:
A. surpluses.
B. efficient markets.
C. black markets.
D. lower inflation rates once the controls are lifted.
Answer: C
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Cyrus McCormick and Eli Whitney were important in the technology of
A. steel. B. automobiles. C. agriculture. D. oil.
What set of all possible combinations does the budget line show?
A. The set of all possible combinations that yield the same level of utility to the consumer. B. The set of all possible combinations that maximize a consumer's utility. C. The set of all possible combinations that can be purchased, given the consumer's income and the price of the goods. D. The set of all possible combinations that are equilibrium points.
Since 1950, the volume of world trade and the volume of world real GDP
A) have both increased at roughly the same rate. B) have both decreased at roughly the same rate. C) have both increased, but the volume of world trade has increased more slowly than the volume of world real GDP. D) have both increased, but the volume of world trade has increased faster than the volume of world real GDP.
When economic losses exist in the cereal market, for example, this is an indication that
A. Society's scarce resources are being used in the best way. B. Not enough firms are producing cereal (assuming that the market is perfectly competitive). C. The goods and services that society is giving up (the opportunity cost) are more valuable than the cereal being produced. D. The WHAT to produce question is being answered efficiently.