A notion that supports the idea that some items should be distributed equally to all is known as
A. Pareto efficiency.
B. the Hoover Principle.
C. poverty gap closing.
D. commodity egalitarianism.
D. commodity egalitarianism.
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The supply of a resource, such as oil, is likely to be
a. equally elastic in both the short and long run. b. more elastic in the long run than in the short run. c. more elastic in the short run than in the long run. d. determined by the demand for the resource.
Consumer saving and business investment are the primary sources of imbalance in a wholly private and closed economy (that is, if there is no government and no foreign trade).
Answer the following statement true (T) or false (F)
Dollar bills in the modern economy serve as money because
A) they are backed by the gold stored in Fort Knox. B) they can be redeemed for gold by the central bank. C) they have value as a commodity independent of their use as money. D) people have confidence that others will accept them as money.
In the long run, a monopoly
A. will yield an efficient outcome. B. may earn positive economic profits due to entry barriers. C. will always earn zero economic profits. D. will never exit the industry.