Which of the following institutional changes contributed to the high rate of development in European and North American countries?
a. An increase in government intervention in production and consumption of goods and services through taxes and subsisidies
b. An increase in governments' support to monopolistic firms and businesses
c. An increase in government ownership of resources
d. Stricter enforcement of private property rights
d. Stricter enforcement of private property rights
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Consider the production possibilities frontier displayed in the figure shown. If this society chooses to produce 15 watermelons in can produce no more than:
A. 400 bushels of apples.
B. 300 bushels of apples.
C. 200 bushels of apples.
D. 100 bushels of apples.
Money is what people in a society regularly use when purchasing or selling goods and services.
Select whether the statement is true or false. A. True B. False
If the slope of a demand curve is infinite, then the price elasticity of demand is:
A. infinite. B. one. C. equal to the price of the good. D. zero.
On the basis of the information, it can be said that:
A. no coincidence of wants exists between any two states.
B. a coincidence of wants exists between Michigan and Washington.
C. a coincidence of wants exists between Texas and Washington.
D. a coincidence of wants exists between Michigan and Texas.