Resource owners will supply additional units of a resource as long as doing so
a. decreases their opportunity cost
b. increases their income
c. increases their utility
d. decreases their income taxes
e. improves their working conditions
C
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In order to achieve a high economic freedom rating, a country must
a. provide secure protection of privately owned property and evenhanded enforcement of contracts. b. refrain from creating barriers that limit domestic and international trade. c. rely more fully on markets rather than governments to allocate goods and resources. d. all of the above.
Suppose a U.S. government program subsidizes the production of domestic sugar producers and places a tariff (tax) on the importation of sugar from other countries. This program
a. helps the producers of sugar, but increase the opportunity cost of obtaining it. b. promotes the production of goods that consumers value highly relative to cost. c. creates wealth, because the government is providing the subsidies and imposing the tariffs. d. will reduce the opportunity cost of obtaining sugar and therefore lead to lower sugar prices.
Which of the following accurately describes the difference between an individual demand curve and a market demand curve?
a. A market demand curve focuses more on price than does an individual demand curve. b. A market demand curve focuses on a broader set of buyers than does an individual demand curve. c. A market demand curve focuses more on consumers than does an individual demand curve. d. A market demand curve focuses on a more specific area than does an individual demand curve.
A monetary policy which is likely to bring about a "soft landing" requires that interest rates be ________ while inflation is ________ and unemployment is ________ the natural level
A) raised, rising, above B) raised, falling, below C) lowered, falling, above D) lowered, rising, below