A classless society and economic system where all the factors of production are owned by workers and people share production according to their needs describes:
a. capitalism. b. communism.
c. the invisible hand. d. a mixed economy.
b
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A tariff on imports affects foreign suppliers ____; a quota affects foreign suppliers ____.
A. effectively; ineffectively B. haphazardly; carefully C. equally; capriciously D. unfairly; fairly E. unequally; unequally
The price of a financial asset should equal the
A) present value of the payments to be received from owning the asset. B) future value of the payments to be received from owning the asset. C) face value of the asset less the future payments to be received from owning the asset. D) coupon value of the asset divided by the effective interest rate at the time the asset was purchased.
The fact that a gallon of gasoline commands a higher market price than a gallon of water indicates that
a. gasoline is an economic good but water is not. b. the marginal utility of gasoline is greater than the marginal utility of a gallon of water. c. the average utility of a gallon of gasoline is greater than the average utility of a gallon of water. d. the total utility of gasoline exceeds the total utility of water.
Which of the following is true of markets characterized by positive externalities?
a. Social value exceeds private value, and market quantity exceeds the socially optimal quantity. b. Social value is less than private value, and market quantity exceeds the socially optimal quantity. c. Social value exceeds private value, and market quantity is less than the socially optimal quantity. d. Social value seldom exceeds private value; therefore, social quantity is less than private quantity.