Which statement is false?
A. The retail market for gasoline is local.
B. A market must be at a specific location.
C. The market for automobiles is regional.
D. The market for some goods and services may be international.
B. A market must be at a specific location.
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In economics, the demand for a good refers to the amount of the good that people
a. Will buy at alternative income levels b. Need to achieve a minimum standard of living. c. Will buy at various prices d. Would like to have if the good were free
Increasing income tax rates will solve the "Social Security time bomb issue" is an example of
A) a positive economic statement. B) marginal cost exceeding marginal benefit. C) answering the "how" question. D) globalization. E) business economic policy.
If the quality or quantity of a particular public service is very difficult to monitor, government is more likely to
a. produce the service itself b. contract with private firms to supply the service c. take over private corporations to produce the service d. refuse to provide the service e. raise the price to consumers of the service
Which of the following is a positive microeconomics statement?
A) The central bank should increase the nation's money supply. B) The increase in the nation's money supply helped push the nation's unemployment rate down in the short run. C) Ford Motor Company's new advertising campaign ended up hurting General Motors's sales. D) The local government ought to spend more on recreational activities.