Democracy ________ essential to economic growth and according to the capabilities approach should ________.
A. is not; not be considered as improving lives if it doesn't directly contribute to growth
B. is not; still be essential in sustaining basic freedoms
C. is; also be seen as essential to sustaining basic freedoms
D. is; not be considered to create capabilities without directly contributing to growth
Answer: B
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Referring to the previous question, which of the following best describes the adjustment to the new market equilibrium?
A) Price would fall, causing quantity supplied to decrease until the new equilibrium is reached. B) Price would rise, causing quantity supplied to increase until the new equilibrium is reached. C) Price would fall, causing quantity supplied to increase until the new equilibrium is reached. D) Price would rise, causing quantity supplied to decrease until the new equilibrium is reached.
The term "inverse demand curve" refers to
A) a demand curve that slopes upward. B) expressing the demand curve in terms of price as a function of quantity. C) the demand for "inverses." D) the difference between quantity demanded and supplied at each price.
An auction in which a seller begins by offering an item for sale at a relatively high price and then reduces the price by fixed amounts until receiving a bid is known as a:
A) Dutch auction. B) English auction. C) second-price auction. D) sealed-bid auction.
Marginal social cost is defined as marginal private cost
a. plus opportunity cost. b. plus marginal opportunity cost. c. minus incidental cost. d. plus incidental cost.