At the beginning of World War II, a rationing system was established in the United States. Ration stamps or cards were issued for a variety of commodities such as canned milk and gasoline. Canned milk was only available to babies and small children
In this example, canned milk was allocated through A) personal characteristics.
B) market price.
C) majority rule.
D) first-come, first-served.
A
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The economic problem with Medicare financing is that
A) there is a built-in incentive to provide fewer services by doctors. B) there is a built-in incentive to travel to Canada to receive medical services. C) the cost of providing services is falling annually. D) there is a built-in incentive to consume more services.
People who often create benefits for the minority and impose the cost on the majority are called:
a. fair-interest groups. b. encounter groups. c. laissez-faire groups. d. special-interest groups.
A manufacturer produces 1,000 units, regardless of the market price. For this firm, the price elasticity of supply is
a. infinity. b. zero. c. one. d. negative one.
The demand equation for a single price monopolist is P = 50 - Q. The marginal revenue equation for this monopolist is
A. 50 - Q. B. 100 - Q. C. 25 - Q. D. 50 - 2Q.