Invisible hand
What will be an ideal response?
doing things in your own self- interest that also benefits society
*causes natural order not central planning
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If the price of apples falls and apples and oranges are substitutes, we would expect:
a. The quantity of apples demanded to increase and the demand for oranges to increase. b. The quantity of oranges demanded to decrease and the demand for apples to increase. c. The quantity of apples demanded to increase and the demand for oranges to decrease. d. The quantity of oranges demanded to decrease and the demand for apples to decrease.
The structural deficit does not depend on the state of the economy
a. True b. False Indicate whether the statement is true or false
Discretionary expenditures
What will be an ideal response?
Microsoft has a special version of its Windows operating system that it sells at a low price in countries where cheap pirated software is widespread. The cost of producing another copy of this software is the same as the cost of producing another copy of the regular Windows product. Selling this "special edition" software at a low price in certain countries is very similar to what economists call:
A. welfare loss. B. a price taker. C. natural monopoly. D. price discrimination.