If the money price of hats rises and no other prices change, the I. relative price of a hat rises. II. opportunity cost of a hat rises
A) only I
B) both I and II
C) only II
D) neither I nor II
B
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In the case of positive externalities, social benefits are __________ internal benefits.
A. less than B. equal to C. sometimes greater and sometimes less than D. greater than
The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
Of the labeled points, only ________ are efficient.
A. W, X, Y, Z, V, and T B. T and U C. X, Y, and Z D. W, X, Y, Z, and V
Alexis de Tocqueville observed in his Democracy in America: "There is no country in which everything can be provided for by the laws, or in which political institutions can prove a substitute for
A) common sense and morality."
B) economic development."
C) police and prisons."
D) supply and demand."
E) the private pursuit of private interests."
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.