The buyers and sellers who trade a particular good or service make up what we call a:
A. negotiators.
B. market.
C. store.
D. mall.
Answer: B
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Suppose that you have noticed that almost all of the car dealers in your city are located along a three-block stretch of the same street. A likely reason for this clustering of car dealers is that:
A. each dealer sells a different brand of car, so they are not competitors and do not have to be concerned about the other dealers' locations. B. the dealers are better able to form a cartel. C. there is a social norm in that city that dealers follow in choosing location. D. each dealer is attempting to locate closest to the customers.
The sum of the value added at every stage of production is equal to the
a. final selling price of a product b. value of all the intermediate transactions in the production process c. value of national income in the economy d. value of net domestic product in the economy e. value of all the inventories in the economy
If elasticity of demand is 0.2, elasticity of supply is 0.5, and a 10 percent excise tax is levied on the good:
A. the tax burden on consumers will be greater. B. the tax burden on suppliers will be greater. C. the tax burden will be the same for both. D. one cannot say who will bear the greater burden without knowing the tax.
Communal property rights and tradition, rather than market institutions, determine economic relationships in many developing countries.
Answer the following statement true (T) or false (F)