Which of the following statements is NOT true about the price system?
A) The price system allows resources to flow from low-valued uses to high-valued uses.
B) Firms have total control over what consumers can buy.
C) Individuals have freedom to purchase what they want.
D) The price system allows for economic efficiency.
B
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________ are profits that accrue to whomever has the right to import the quota restricted good
A) Quota licenses B) Quota rents C) Quota prices D) None of the above.
A U.S. federal budget deficit that raises real interest rates is most likely to:
a. lead to a depreciation of the dollar in the foreign exchange market. b. encourage foreign investment in U.S. securities. c. lead to an increase in exports. d. lead to an appreciation of other currencies relative to the U.S. dollar. e. discourage imports of foreign goods.
Suppose the population (age 16 and over) of Madagascar is 200 million; 9 million are unemployed, and 111 million hold jobs. Indicate the rate of unemployment and the employment/population ratio of Madagascar
a. The unemployment rate is 4.5 percent, and the employment/population ratio is 55.5 percent. b. The unemployment rate is 7.5 percent, and the employment/population ratio is 60 percent. c. The unemployment rate is 7.5 percent, and the employment/population ratio is 55.5 percent. d. The unemployment rate is 8.1 percent, and the employment/population ratio is 60 percent.
Which of the following products has the least elastic demand?
A. Coca Cola in 12 oz. cans B. all cola drinks C. all carbonated beverages D. all beverages