A change in consumers' incomes causes a change in:
A. the demand for normal goods but not the demand for inferior goods.
B. demand.
C. the cross-price elasticity of demand.
D. supply.
Answer: B
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A point inside a production possibilities curve indicates
A) resources are not being used efficiently. B) resources are being used very efficiently. C) opportunity costs are constant. D) an output combination that is unobtainable with the current resource and technology levels
Which of the following best states the main criticism of the Sherman Act?
a. It was overly harsh. b. It was unnecessary at the time. c. It was too vague. d. It duplicated existing law. e. It came too late in the Industrial Revolution.
If the production of oranges reduces global warming, then the equilibrium quantity of oranges will be ________ the socially optimal quantity.
A. higher than B. equal to C. more valuable than D. lower than
The goal of Medicare is to
A) help the poor and indigent pay their hospital bills. B) prevent poverty in urban cities. C) subsidize medical expenses for the elderly. D) subsidize costs incurred by doctors.