When collective decision making is utilized to resolve economic questions regarding the allocation of resources,
a. the role of markets will be replaced by political decision making.
b. centralized decision making in all areas is inevitable.
c. the preferences of individuals are of no importance.
d. economic efficiency will be assured.
A
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Figure 17-12
At a world price of $1.00 in ,
a.
20 units will be exported
b.
20 units will be imported
c.
50 units will be exported
d.
50 units will be imported
e.
10 units will be exported
If investors begin to expect a decrease in the value of the Thai baht vis-à-vis other currencies, their actions will cause
A. the actual depreciation to occur much faster. B. the Thai baht to appreciate immediately. C. a decrease in Thai interest rates. D. a large inflow of foreign capital into Thailand.
The government proposes a tax on flowers in order to boost its revenue. Consumers will bear no part of this tax if the: a. demand for flowers is perfectly inelastic. b. supply of flowers is perfectly elastic
c. demand for flowers is perfectly elastic. d. demand for flowers is unit elastic.
Which of the following statements about demand and price elasticity of demand is? TRUE?
A. Since the demand curve has a negative? slope, the price elasticity of demand is negative. B. Since the demand curve has a negative? slope, the price elasticity of demand is positive. C. Since the demand curve has a positive? slope, the price elasticity of demand is negative. D. Since the demand curve has a positive? slope, the price elasticity of demand is positive.