Capital accumulation in a market system results from:
A. Increased purchases of consumers or households
B. The "invisible hand" that guides the market
C. Dollar votes by entrepreneurs and business owners
D. Consumer sovereignty that prevails in the market
Answer: C
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For some fisheries in the U.S., the state or federal government imposes "gear restrictions" that limit the size of boats, nets, or other equipment that may be used to harvest the fish in a given body of water
The purpose of the gear restrictions is to: A) prevent everyone from using the common property resource (fish). B) make it harder for other members of society to harvest the resource. This reduces the opportunity cost of the resource for other members of society, and the marginal social cost is closer to the private cost. C) increase the private cost of using the resource so that the private cost is closer to the marginal social cost. D) maintain traditional ways of harvesting fish, which is valuable for promoting tourism.
Any movement along the production possibilities frontier involves the production of
a. more of both goods b. more of one good and less of the other c. less of both goods d. more resources e. better technology
Hot dogs and hot dog buns are complementary goods. The cross price elasticity between hot dogs and hot dog buns: a. is positive
b. is equal to zero. c. is negative. d. could be any of the above.
Which of the following statements about recessions is true?
a. An old rule of thumb defining recession is two consecutive quarters of falling nominal GDP. b. Recessions occur at regular intervals and last standard amounts of time. c. There is no ironclad rule for the declaration of recessions. d. Recessions are associated with low unemployment and high income.