Which of the following statements about markets is false?
a. markets are used to allocate resources in market systems
b. markets can vary in geographical size
c. prices are used to allocate goods in markets
d. markets are used to allocate resources in centrally-planned socialist economic systems
e. supply and demand explains how prices are set in competitive markets
D
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With respect to market and nonmarket production, on average working women are ________ diversified than men and receive ________ pay as a result
A) less; lower B) less; higher C) more; lower D) more; higher
If a monopsony finds that its MRP is greater than its MFC, it:
a. is doing the right thing to maximize profits. b. should hire fewer workers to increase profits. c. should hire more workers to increase profits. d. should pay the workers a lower wage. e. should produce less output.
Refer to the data above. The marginal propensity to consume is:
.40 .75 .60 .80
The argument a tariff on imported goods produced by an unlimited industry could benefit the members of the domestic union is
A. the protect domestic jobs argument. B. the national defense argument. C. the dumping argument. D. the infant industry argument.