The rationing function of prices means that
A. businesses determine what goods consumers should purchase.
B. buyers and sellers synchronize their decisions through the price system.
C. all goods and services are produced by large firms.
D. government is responsible for setting the prices of basic foods.
Answer: B
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Technological efficiency, defined in terms of completely objective relationships,
A) has no useful meaning. B) influences the decisions of engineers but not of business executives. C) influences the decisions of engineers but not of economists. D) is more important in the long run than in the short run, where profitability tends to dominate decisions.
If the two goods in an Edgeworth Box are perfect complements for both people, all efficient allocations will have each person getting the same amount of good 1 as of good 2.
Answer the following statement true (T) or false (F)
All of the following are major greenhouse gases (GHGs), EXCEPT
a. carbon dioxide (CO2) b. methane (CH4) c. nitrous oxide (N2O) d. volatile organic compounds (VOCs)
A____________is a graph showing the various quantities supplied at each and every price that might prevail in the market.
Fill in the blank(s) with the appropriate word(s).