Market economies have air and water pollution, but nonmarket economies
a. have much less pollution.
b. have pollution that is much worse than in market economies.
c. have about the same amount of pollution as market economies.
d. don't generally suffer from external effects of any sort.
b
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In a Lorenz curve diagram, the 45° line represents:
a. perfect income equality. b. zero inflation. c. a negative income tax. d. an extremely unequal distribution of income.
Society as a whole faces opportunity costs because
a. there is not enough money to go around b. politicians are greedy c. workers shirk their responsibilities and management is unable to compensate for this d. resources are abundant e. resources are scarce
The 1910–1914 period was chosen as a benchmark period for determining parity prices because that was when
a. there was the greatest number of farms b. corn prices were the highest c. farmers believed that farm and nonfarm prices were such that farms goods tradedequal value for equal value with nonfarm goods d. the exchange standard was most biased in favor of farmers e. farm productivity was the lowest
Though many assets can be used as a store of value, money is a particularly attractive method to store value because
a. it increases in value as prices rise. b. its purchasing power does not decline when prices rise. c. it is the most liquid of all assets. d. it is backed by gold.