Which of the following statements can used to describe efficiency?
I. Efficiently using resources means that producers make the highest profits possible.
II. Using resources efficiently means that we cannot produce more of one good without producing less of another good that has a higher value.
III. Resource use is efficient when we produce goods and services that people value most highly.
A) I only
B) I and II
C) II and III
D) I, II and III
C
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A black market is a market in which
A) goods are traded at prices above their legal maximum prices. B) sales taxes are effectively doubled. C) goods are sold at outlet prices. D) sales take place exclusively at outlet prices.
Most local phone companies
a. face a horizontal demand curve b. are regulated c. are called public utilities d. have tremendous economies of scale e. are natural monopolies
If the price of an ounce of gold is 200 ZARs in South Africa and $75 in Canada, what will be the South African Rand (ZAR) per Canadian dollar (C$) exchange rate?
a. C$1 = 4.25 ZAR b. C$1 = 1.75 ZAR c. C$1 = 2 ZAR d. C$1 = 2.67 ZAR e. C$1 = 4 ZAR
In Graph A, if the price of Coca-Cola changes from Point A to Point B, what type of change will happen in Graph B?
a. a shift down
b. a shift up
c. a shift to the right
d. a shift to the left