Farmers historically have organized agricultural bargaining groups called
A) cartels. B) unions. C) cooperatives. D) partnerships.
Answer: C
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Which of the following has occurred when government directives do not produce better economic outcomes?
A. Government failure. B. Macroeconomic failure. C. Market failure. D. Scarcity.
Property owned by individuals is called:
A. Common property B. Shared property C. Public property D. Private property
Which of the following is an example of a market failure?
A. There are not enough tickets available to concerts of extremely popular performers and artists B. The price of medical care has risen dramatically as a result of the introduction of sophisticated equipment and procedures C. Successful public schools provide benefits to the students who attend them, as well as to the community as a whole including those who don't go to those public schools D. Extensive decreases in the prices of electronic equipment resulted in large numbers of bankruptcies in the computer industry
Which of the following statements best demonstrates the constraints under which individual consumers and society as a whole operate?
a. Only the individual opportunity set (or budget constraint) demonstrates the constraints under which individual consumers and society as a whole operate. b. Only the social production possibilities frontier demonstrates the constraints under which individual consumers and society as a whole operate. c. Neither the individual opportunity set (budget constraint) nor the social production possibilities frontier demonstrates the constraints under which individual consumers and society as a whole operate. d. Both the individual’s opportunity set (and budget constraint) and the social production possibilities frontier show the constraints under which individual consumers and society as a whole operate.