The ________ automatically distributes scarce goods.
A. laissez-faire economy
B. command economy
C. barter system
D. price system
Answer: D
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The BP curve shifts to the left when:
a. the exchange rate falls. b. interest rates rise. c. income rises. d. imports increase.
Pharmaceutical companies receive patents as an exclusive right to produce a drug. This results in
a. normal profits on the patented drug. b. monopoly status in the production of the drug. c. lower prices for patients requiring the drug. d. orphan drug status. e. fewer new chemical compounds discovered.
If the price were $20, what would the firm do in the (a) short run? (b) long run?
Fair trade products consist of goods:
A) that are usually imported from the developing nations. B) the production of which involves child labor. C) that are available in all countries across the globe. D) that are exported only by the developed nations.