Economies of scale commonly arise because of coordination problems
a. True
b. False
Indicate whether the statement is true or false
False
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If the income elasticity of demand for a Miami Dolphins season ticket is 2.34, then are Dolphins season tickets a normal or an inferior good?
What will be an ideal response?
Which of the following is most likely to be observed in a community where legal ceilings are imposed on residential rents?
A) Landlords will do a better job of property maintenance. B) People moving into the community will have difficulty locating residential space to rent. C) Poor people will be able to find adequate housing. D) Tenants will reduce their use of housing space. E) The people most in need of housing will be able to obtain the space they want.
Which of the following would be classified as a government purchase?
a. Social security payments b. Government purchases of computers c. Unemployment insurance payments d. Welfare payments e. Veterans' Administration payments.
In competitive markets a surplus or shortage will:
a. Cause buyer and seller reactions which tend to intensify the surplus or shortage b. Never exist c. Cause buyer and seller reactions which tend to eliminate the surplus or shortage d. Cause shifts in the demand and supply curves