Private goods are always provided by the private sector.
A. True
B. False
C. Uncertain
B. False
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In 2009 Al Gore won the Nobel Peace Prize and was awarded $1.4 million. He donated it to his Alliance for Climate Protection. From the economic point of view his charitable project suggests
A) Gore himself no longer faced scarcity because he was in a position to give so much of his money away. B) the Alliance at least temporarily overcame scarcity because they enjoyed free resources. C) it was chosen over other uses of his money, and therefore even Gore had to economize. D) it was a ploy to gain more media attention after his Vice Presidency.
The primary incentive for economic agents to formulate expectations rationally is to
A) increase earnings. B) increase prices. C) reduce prices. D) ensure that all expectations are realized.
How does increased immigration affect the labor market? How would the equilibrium wage and the equilibrium quantity of labor be affected?
In a market system, how are the terms of exchange established?
a. Industry associations set up acceptable price ranges for their goods, and firms within each industry are required to set price within its relevant range. b. The forces underlying supply and demand interact to set a price c. Federal and state legislation establish minimum and maximum prices. d. Consumer advocacy groups establish fair prices for items, and most firms comply because they don’t want to anger their customers.