A situation in which a market economy leads to too few or too many resources going to a particular economic activity is known as
A) competition.
B) excessive competition.
C) destructive competition.
D) a market failure.
D
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U.S. imports of sugar are limited by an import quota that, according to a study updated in 2013, imposed a total cost on American consumers close to $________, or an average cost of ________ per year for every man, woman, and child in the country
A) $3 billion; $10 B) $105 million; $3 C) $2 billion; $110 D) $3 billion; $2,000 E) $370 million; $2,000
Which of the following is an example of a nation with a traditional economy?
a. the national government has mandated that 100,000,000 tons of butter be produced each year b. techniques used for growing wheat have been unchanged for centuries c. due to high fuel prices, many fuel-efficient cars are being produced d. economic authorities have ordered industry to produce tanks and heavy weaponry instead of food
If the cross price elasticity between Goods A and B equals -1.3, then a reduction in the price of Good B will:
a. increase the demand for Good A and increase Good A's price as a result. b. increase the demand for Good A and decrease Good A's price as a result. c. decrease the demand for Good A and increase Good A's price as a result. d. decrease the demand for Good A and decrease Good A's price as a result.
Figure 8-1
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Given the scatter diagram in Figure 8-1, what is the MPC (your best estimate)?
A. 1/2 B. 1/3 C. 2/3 D. 1