Many persons object to the results of the competitive market system because
A. it takes too much energy to coordinate activities.
B. efficient outcomes may not be compatible with their ideas of a fair distribution.
C. a few people can control all economic activity.
D. it fosters high rents and low beef prices.
Answer: B
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The present value of a sum of money to be received in future is high if ________
A) the money is invested for a long period of time B) the market rate of interest is low C) the rate of inflation is high D) the future payment is low
In the simultaneous move labor negotiation game:
a. The payoffs from bargaining hard are only higher if your opponent accommodates b. The payoffs from bargaining hard are only higher if your opponent bargains hard c. The payoffs are always higher if you bargain hard d. The payoffs are always higher if your opponent bargains hard
Traditional economic models highlight social dimensions of economic problems.
Answer the following statement true (T) or false (F)
Which of the followingbestdescribes the economic concept of utility?
A. Utility is the total number of units a consumer buys. B. Utility measures the usefulness of goods, such as tools or food, and so goods such as artwork or attractive landscaping by definition has no utility. C. Utility measures the satisfaction, or pleasure, that people receive from consuming a good or service. D. Utility and price are interchangeable values.