In a centrally planned economy, the households and firms decide how economic resources will be allocated
Indicate whether the statement is true or false
FALSE
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Refer to Figure 11-1. The average product of the 4th worker
A) is 68. B) is 17. C) is 11. D) cannot be determined.
When a tax is imposed on a market:
A. the price the buyer pays is higher than the amount the seller receives. B. the buyers’ equilibrium tax-inclusive price increases and the equilibrium quantity decreases. C. fewer total transactions take place in the market. D. All of these are true.
Which phrase(s) is (are) associated with normative statements?
a. c and e. b. Has been shown. c. Should be. d. Can be. e. More than.
Which of the following will most likely result from a destruction of half of the Florida orange crop due to a hard freeze?
a. a decrease in the demand for oranges b. an increase in the supply of oranges c. an increase in the quantity of oranges bought and sold d. an increase in the price of oranges