Firms cannot resemble
A) incomplete contracts.
B) democracies.
C) an organization without externalities.
D) a benevolent dictator.
B
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In the United States, the largest source of funds for public schools is
A) the consumption tax. B) the property tax. C) sales taxes. D) the federal income tax.
Lower inflation rates are usually correlated with lower unemployment rates.
Answer the following statement true (T) or false (F)
Suppose the government imposes a price ceiling above the equilibrium price of a given good. Which of the following is the most likely result?
A) Some other rationing device will emerge to allocate the good among buyers. B) Some buyers and sellers will be willing to risk breaking the law in order to exchange the good at a price above the equilibrium price since there would be a shortage of the good at the price ceiling. C) No change will occur in the market. D) Brute force will be used to allocate the good among buyers. E) a, b, and d
If the economy were producing at point C and moves to point B
Hypothetical Production Schedule for a Two-Product Economy
A. 4 units of capital goods are gained, while the capacity to produce 32 consumer goods are lost.
B. 16 units of capital goods are gained at an opportunity cost of producing 40 consumer goods.
C. 16 units of capital goods are gained at an opportunity cost of producing 72 consumer goods.
D. 4 units of capital goods are gained, while the capacity to produce 72 consumer goods are lost.