A market is a group of buyers and sellers of a particular good or service
a. True
b. False
Indicate whether the statement is true or false
True
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In a congressional debate about agricultural price supports, senators, members of congress, and other experts made the following four statements. Which of these is a normative statement?
a. "Price supports are important because America should preserve the small family farm." b. "Without price supports, the price of wheat and corn will fall by over twenty percent." c. "The decline in commodity prices caused by the removal of price supports will result in fewer, larger farms." d. "The decline in commodity prices caused by the removal of price supports will reduce the number of tractors sold in the United States."
The _____ gives a hunter ownership rights on a bird killed by him while it was flying over his property
a. unitization contract b. Coasian reasoning c. rule of first possession. d. rule of reason
If C+I+G>Y, then net exports and net capital outflow are both greater than zero
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT true about a cartel?
A) Members earn economic profits. B) Members experience large economies to scale relative to industry demand. C) Cartels will set common prices for their members. D) Members of a cartel will have production quotas.