Suppose that a disease that affects people who consume beef has been discovered in the United States. One likely result is:
A. a decrease in demand for beef.
B. an increase in buyers' reservation prices for beef.
C. a decrease in demand for chicken.
D. a decrease in the quantity demanded of beef.
Answer: A
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When a country is producing goods and services efficiently it:
A. is producing at a point on or below its production possibilities frontier. B. is getting the most output by using all its available resources. C. has unemployed workers. D. is able to reach a point beyond its production possibilities frontier.
What do antitrust laws enable the government to do?
a. Break up large firms into smaller ones b. Acquire a controlling percentage of large firms c. Require firms to sell off profitable operations d. Block all mergers and acquisitions by foreign firms
What might cause economies of scale?
Which of the following is least responsible for the reduction in mortality rates in Europe and North America?
a. Reduced exposure to diseases b. Clean water and waste disposal c. Better nutrition and housing d. Improved sanitary conditions e. More effective medical interventions