Which of the following would tell us that resources are NOT flowing to their highest valued uses?
A. short-run economic profits
B. Some firms are just breaking even.
C. short-run economic losses
D. long-run economic profits
Answer: D
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The amount of a tax paid by the sellers will be larger the more ________ the demand and the more ________ the supply
A) elastic; inelastic B) inelastic; elastic C) inelastic; inelastic D) elastic; elastic
Globalization is a trend:
a. where individuals focus on the cultural, political, and economic connections within their own country. b. where there is a reduction in cultural, political, and economic connections among people around the world. c. where there are expanding cultural, political, and economic connections among people around the world. d. where there is a focus on eliminating the cultural, political, and economic connections among countries.
Contestable markets improve the performance of imperfect markets with
A. government regulations. B. the threat of entry. C. advertising. D. tacit collusion.
The Tragedy of the Commons results when a good is
a. rival in consumption and not excludable. b. excludable and not rival in consumption. c. both rival in consumption and excludable. d. neither rival in consumption nor excludable.