If each of us relied exclusively on the market to determine what to buy, we would probably end up with few, if any:
A. streetlights.
B. strawberries.
C. televisions.
D. raincoats.
Answer: A
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The table above shows the revenue figures for the top four firms along with a total for the remaining firms in the fast-food industry. What is the four-firm concentration ratio for the industry?
A) 200 B) 20 percent C) 25 percent D) 80 percent E) 100 percent
The figure above shows the production possibilities frontiers for the United Kingdom and France. What is the opportunity cost of one bushel of wheat in France?
A) 1/4 of a pound of fish B) 4 pounds of fish C) 1 pound of fish D) 100 pounds of fish E) 2 pounds of fish
Most of the income earned by professional athletes and major celebrities can be classified as _________.
Fill in the blank(s) with the appropriate word(s).
(Last Word) The fallacy of composition is essentially the error of:
A. omitting relevant variables in constructing a model. B. reasoning from the general to the particular. C. confusing cause and effect in economic relationships. D. generalizing from the particular to the general.