Which of the following statements is NOT true?
A. The United States government ensures that competition flourishes, that information flows freely, and that property rights are protected.
B. The price mechanism will work best if there are a enough firms in each industry to ensure that no one firm can influence price.
C. Environmental pollution is considered a market failure.
D. Everything produced by the public sector is a public good.
D. Everything produced by the public sector is a public good.
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Because oil price increases reduce the consumption of oil, this discourages the development of oil substitutes
Indicate whether the statement is true or false
Jenny buys sodas and popcorn. Sodas sell for $1 and popcorn sells for $2 a bag. Currently she is in consumer equilibrium, with the marginal utility from her last dollar spent on popcorn equal to 100 units of utility
The marginal utility from her last dollar spent on sodas is A) 20 units of utility. B) 30 units of utility. C) 50 units of utility. D) 100 units of utility.
Identify the largest and smallest components of GDP
Which of the following students would be most likely to drop out of college before completing their degree?
a. a senior physics major with a solid B average b. a junior secondary education major who has just read about the substantial improvement in the job opportunities available for teachers with a college degree c. an outstanding baseball player in his junior year that just received a $500,000 offer from a professional team d. a junior economics major who wants to attend law school