The lack of long-term economic development prevalent among many LDCs is evidence that relatively efficient economic markets may lead to socially undesirable outcomes
Indicate whether the statement is true or false
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According to your textbook, changes in supply and demand reflect changes in
A) society's overall welfare. B) the plans that buyers and sellers are making. C) the overall efficiency of the market. D) government policy. E) None of the above.
Which of the following statements is FALSE?
A) Cartels only form among members of an oligopoly. B) A cartel might form if members believe they can increase profits by coordinating activity. C) Members of a cartel produce less output than that produced in a competitive market. D) Cartel members often have an incentive to cheat.
When demand is elastic, a decrease in price will
A) decrease total revenue. B) not change total revenue. C) increase total revenue. D) reduce quantity demanded.
Developing countries often justify imposition of tariffs because:
a. it creates a burden on government budget. b. it is easy to collect direct taxes from people in the developing countries. c. a large number of people in the developing countries earn a taxable income. d. developing countries find income taxes difficult to levy and collect. e. the volume of imports of these countries is considerably low.