The United States provides a reasonable illustration of
A. a mixed economy.
B. a pure market system.
C. a government-dominated economy.
D. a manufacturing economy.
E. a transitioning economy.
Answer: A
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A sudden discovery of a new, massive source of uranium in New Mexico will likely cause the price of uranium to ________, which will ________ the quantity of uranium demanded by consumers
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
As demand for MP3 music downloads increases, other things being equal, we can expect
A) a decrease in both the relative price and quantity of MP3 music downloads. B) a decrease in the supply of MP3 music downloads. C) more MP3 music downloads to be produced. D) an excess number of MP3 music downloads in the market.
Figure 11.1If Figure 11.1 depicts the current situation for a monopolistically competitive firm, then in the long run we expect:
A. the firm to charge a price higher than P1. B. the firm to produce and sell more than Q1. C. the firm's average cost of production to rise above AC1. D. the firm to earn higher economic profits.
The unemployment rate of:
A. women greatly exceeds that of men. B. whites is roughly equal to that of African Americans. C. managerial and professional workers exceeds that of construction and extraction workers. D. teenagers is much higher than that of adults.