The rights to own private property and to exchange goods with minimal government interference is
A. economic freedom.
B. capital freedom.
C. political freedom.
D. population freedom.
Answer: A
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Under conditions of perfect competition, if losses occur in an industry, market forces may come into play to
a. reduce supply. b. lower average revenue. c. increase supply. d. attract new firms.
Watching a movie on-demand in one's home is an example of a ____
a. merit good b. club good c. public good d. private good
One reason that professional baseball players earn higher incomes than college professors is that:
A. the training costs to enter the baseball profession are low. B. there no barriers to entry in the baseball profession. C. few people have the skill to play professional baseball. D. being a college professor requires less education.
Recall the Application about consumer choice between Coke and Pepsi to answer the following question(s).Neuroscientist Read Montague conducted a taste test with Coke and Pepsi. When the taste test was blind, most subjects preferred ________, and when the test was nonblind, most preferred ________.
A. Coke; Pepsi B. Coke; Coke C. Pepsi; Coke D. Pepsi; Pepsi