When a local casino spends millions in TV ads convincing town residents to reject another casino's bid to operate in the area, the casino is:
A. rent seeking.
B. seeking rent controls.
C. acting fraudulently.
D. allocating resources efficiently.
Answer: A
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In a market economy, who decides what goods and services will be produced?
A) only the producers B) consumers and producers C) the government D) only consumers
If the GDP deflator is 142, by how much have prices changed since the base year?
A) Prices have increased by 42%. B) Prices have increased by 142%. C) Prices have increased by 58%. D) Prices have decreased by 4.2%.
Demand-pull inflationary pressure increases as the economy approaches full employment
a. True b. False Indicate whether the statement is true or false
Economies of scale arise when
a. an economy is self-sufficient in production. b. individuals in a society are self-sufficient. c. fixed costs are large relative to variable costs. d. workers are able to specialize in a particular task.