A regulatory policy under which the government picks the point on the demand curve at which price equals average cost is known as:
A. average-cost pricing.
B. marginal-cost pricing.
C. average-revenue pricing.
D. competitive pricing.
Answer: A
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A credit item on the U.S. balance of payments is an item that
a. makes U.S. dollars available to foreigners. b. causes foreigners to use up their U.S. dollars. c. is like an import. d. requires the use of official researchers to offset deficits.
Which is an example of a good with an elastic supply?
a. beef b. bananas c. lumber d. click-top pens
For which of the following markets would the fallacy of composition most likely apply?
A. Orange market in Florida B. Labor market C. Gasoline market D. Poultry market
Why does the problem of the big tradeoff arise when the government engages in the process of redistributing income using taxes and transfers?
What will be an ideal response?