Of the following countries, the one that best exhibits the characteristics of a market economy is:
a. Cuba.
b. Canada.
c. China.
d. North Korea.
Ans: b. Canada.
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Bob is planning to sell his home. In preparation for the sale, he paints all of the ceilings in his house to cover up water stains from his leaking roof so that potential buyers will be unaware of this problem. This is an example of
a. moral hazard. b. screening. c. adverse selection. d. the principal-agent problem.
Excluding corner solutions, in consumer equilibrium, which of the following is true?
A. The consumer is minimizing utility given the constraints. B. The indifference curve is steeper than the budget constraint. C. The consumer can improve his/her situation by consuming more of both goods. D. The marginal rate of substitution equals the slope of the budget constraint.
In the equation 
, what is the estimated value of 
?
A. 
B. 
C. 
D. 
Proprietors' income includes all of the following except
a. the income of unincorporated businesses. b. the income of partnerships. c. the income of sole proprietorships. d. the income of all businesses - incorporated and unincorporated .