Consumers and producers face each other in the many markets of our economy, and in most of these markets,
a. price floors dominate
b. price ceilings dominate
c. market prices dominate
d. government intervention is commonplace
e. parity exists between the farm and nonfarm goods
C
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Refer to Table 2-1. Assume Tomaso's Trattoria only produces pizzas and calzones. A combination of 24 pizzas and 30 calzones would appear
A) along Tomaso's production possibilities frontier. B) inside Tomaso's production possibilities frontier. C) outside Tomaso's production possibilities frontier. D) at the horizontal intercept of Tomaso's production possibilities frontier.
In the late 1970s, ________ of all firms were less than a year old. In recent years, ________ were
A) about 40 percent; about 20 percent B) almost half; less than one-quarter C) less than 5 percent; more than 40 percent D) more than 15 percent; only about 8 percent
Over the air television signals are ____________ ; television signals available through cable are
a. Public goods, public goods b. Public goods, private goods c. Private goods, private goods d. Private goods, public goods