Which of the following is most closely related to the "fair results" approach to fairness?
A) efficient resource use
B) having an equal income distribution
C) voluntary exchange
D) the command system of allocating resources
E) price hikes in a natural disaster
B
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According to the table above, would there be trade flows in both directions if the exchange rate were $1 = 1 peso?
What will be an ideal response?
Drive with Us is an automobile retailer and pays floor plan financing to finance the cars they hold in inventory. If the interest rate on their floor plan financing increases from 4 to 5 percent, Drive with Us's expected marginal cost from holding additional cars in inventory will shift ________ and the profit-maximizing number of cars to hold in inventory will ________.
A) downward; increase B) upward; increase C) upward; decrease D) downward; decrease
One important issue in the post-bellum currency debate concerned the coinage of silver by the federal government. Which of the following statements presents accurate information regarding the silver debate?
a. Silver circulated widely as money in the years immediately prior to the Coinage Act of 1873. b. The Bland-Allison Act allowed for the Treasury to make limited monthly silver purchases at the market price. c. Post-Civil War there was a fall in the output of American silver mines. d. Congress passed the Coinage Act in 1873 despite widespread public opposition to this legislation at the time.
The difference between the amount consumers would be willing to pay and the amount they actually pay for a good is called
a. price elasticity of demand. b. consumer surplus. c. the substitution effect. d. income elasticity of demand.