Other things being equal, what impact does enhanced consumer information on the risk of colon cancer linked to red-meat consumption have on the equilibrium in the market for beef?
A. A decrease in both price and quantity;
B. An increase in price and decrease in quantity;
C. A decrease in price and an increase in quantity.
D. Not enough information is provided to answer this question;
Ans: A. A decrease in both price and quantity;
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In most economies, resources are allocated by
A) a central planning board. B) a dictator. C) the combined and decentralized actions of millions of people. D) the majority's will.
Demand is said to be ___________ when the quantity demanded is very responsive to changes in price.
a. elastic b. unit elastic c. inelastic d. independent
There is only a small difference in wages between college graduates and workers who did not attend college.
Answer the following statement true (T) or false (F)
What would be shown through a sustained increase in real output per capita?
a. the size of budget surpluses b. efficient use of scarce resources c. the value of human capital d. long-term economic growth