When disposable income is 6,000 savings is
A. -2100.
B. 0.
C. 2100.
D. 3900.
C. 2100.
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When someone says positive externalities coming from education justify subsidization of education, they are saying
A) education must be uniform in a democratic society. B) government ought to be the exclusive provider of at least elementary education. C) many people cannot afford to educate their children. D) private schools tend to be inefficient. E) students capture only part of the benefits from attending school.
Which of the following correctly explains why sellers in a perfectly competitive market are price takers?
a. There are few sellers, and so they have the power to take whatever price they want. b. There are many sellers, and so the market process generates an equilibrium price that cannot be influenced by any one seller. Thus they have no choice but to take the price generated by the market process. c. Sellers in a competitive market have the power to influence price by colluding with one another and using quotas to limit overall market output and thus raise price. d. Individual buyers in a competitive market have the power to influence price, and thus can impose prices and other conditions on powerless sellers.
Which of the following is true? a. Economists assume that there are no private property rights in a free market
b. A free market is also known as a fettered market. c. A voluntary transaction means that all parties to the transaction must expect to benefit. d. People always receive goods and services at a discounted price in a free market. e. An economic growth is represented by an inward shift of the production possibility curve.
What distinguishes a natural monopoly from a monopoly?
a. One firm can supply the entire range of demand (picture a downward-sloping industry demand curve) at a lower ATC than can any number of firms b. One firm has exclusive access to raw materials. c. The firm has been issued a patent on a cost-saving technology. d. The government regulates the industry, allowing only one firm to produce. e. The market contained two firms that merged to become one.