Refer to the figure above. The market price of Good Y is ________
A) $10
B) $17
C) $22
D) $20
B
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Which of the following is not a symptom associated with a price floor?
a. Excess of quantity demanded over quantity supplied. b. Sellers offering discounts in disguised forms. c. Problem of disposal created by excess supply. d. Survival of inefficient businesses.
Which of the following examines the costs and expected benefits of a choice?
a. choice-benefit analysis b. cost-profit analysis c. cost-benefit analysis d. choice-profit analysis
A graphical plot of consumption expenditures against disposable income for the US over the past 20 years shows
a) no apparent relationship between consumption and disposable income b) consumption remaining roughly constant as disposable income rises c) consumption falling as disposable income rises d) consumption rising as disposable income has fallen e) consumption rising almost proportionately as income rises
Central planning is the principal method for making economic decisions in:
A.) The United States. B.) Singapore. C.) New Zealand. D.) North Korea.