Property rights allowing individuals to own goods, services, and factors of production are most important in:
A. socialistic economies.
B. planned economies.
C. capitalistic economies.
D. command economies.
Answer: C
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Refer to Figure 18.4. With an import ban, what is the equilibrium price of gloves in Duckland?
A) $0 B) $8 C) $9 D) $12
Sunk costs
A) are costs that firms sink into marketing. B) are important for optimal decision making. C) are costs associated with repairing something you already own. D) are costs that have already been paid and cannot be recaptured in any significant way.
Which organization officially tracks all business cycles in the U.S. economy?
a. Department of Commerce b. National Bureau of Economic Research c. Bureau of Economic Analysis d. Census Bureau
Assume the demand for sugar decreases and the supply of sugar increases. Which of the following outcomes is certain to occur?
A. The equilibrium price of sugar will rise. B. The equilibrium quantity of sugar will rise. C. The equilibrium quantity of sugar will fall. D. The equilibrium price of sugar will fall.