Political instability is an obstacle to development in:
A. both market and socialist economies.
B. neither market nor socialist economies.
C. market economies.
D. socialist economies.
Answer: A
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________ refers to the reduction in economic surplus resulting from not being in competitive equilibrium
A) Producer atrophy B) Deadweight loss C) Economic shortage D) Marginal cost
Which of the following would not be included in the measurement of GDP?
A) a bill from a car mechanic B) wages of a card dealer working in a Las Vegas casino C) commissions of a stockbroker D) the increased value of shares of stock E) c and d
The total amount of income in a society is independent of how income is distributed.
Answer the following statement true (T) or false (F)
This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10.BundleNumber of popsiclesUtility from popsiclesNumber of ice cream conesUtility from ice cream conesA1070000B87201500C66502700D45503750E24004760F005760 Considering the information in the table shown, the bundle of goods that will derive the highest total utility for Jack is:
A. D. B. E. C. B. D. C.