Which of the following is a result of firms having productive and allocative inefficiencies?
a. Consumers get steadier prices.
b. Consumers get lower prices.
c. Consumers get more product choices.
d. Consumers get fewer product choices.
c. Consumers get more product choices.
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The concept of poverty is culturally determined, and hence people are defined as “poor” in relation to others.
Answer the following statement true (T) or false (F)
Recognizing the incentive power of property rights and markets, some of the most die-hard central planners are now allowing
a. more influence from custom or religion b. family relations to play significant roles c. a role for markets d. communal ownership of property e. inefficient use of resources
If a dinner guest was serious when she said that she could never get enough of your cooking, you would conclude that the marginal utility of your cooking for her was _____
a. negative b. zero c. increasing at an increasing rate d. positive e. more than total utility
Which country was among the lowest ranking by the World Bank for effective protection of property rights and rule-based governance?
a. North Korea b. Cuba c. Afghanistan d. Iraq