The central problem of every economic system is to
A) to transform mere wants into genuine needs.
B) get people to cooperate effectively in using what is available to provide what is wanted.
C) get people to see that what is available is all that is necessary.
D) increase the number of jobs available.
E) redistribute income fairly.
B
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Refer to the figure above. A tariff of ________ would be purely protective
A) $0 B) $5 C) $8 D) $10
When quantity demanded increases at every possible price, the demand curve a. shifts to the left
b. shifts to the right. c. there is a movement along the given demand curve. d. none of the above.
The benefit estimation method employed by Carson and Mitchell in their analysis of the Clean Water Act was
a. the travel cost method (TCM) b. the contingent valuation method (CVM) c. the averting expenditure method (AEM) d. the hedonic price method (HPM)
"Price" in the statement of the Law of Supply refers to:
A. The amount that buyers are willing and able to pay for each unit of the product B. The cost of producing each unit of the product C. The total revenues that sellers receives for selling a given quantity of the product D. The total amount that buyers pay in order to acquire a given quantity of the product