The tendency for individuals to assign higher values to goods when they own the goods than when they do not possess the goods is known as the:
A) substitution effect.
B) endowment effect.
C) income effect.
D) anchoring effect.
B
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Which of the following is LEAST likely to be a reason for firms to form a cartel?
A) to maximize profits of the cartel B) to raise competition among firms in the cartel C) to cut back output of the cartel D) to set common prices among firms in the cartel
In the twentieth century what policies helped Taiwan, Singapore, and South Korea grow faster than more developed nations?
a. investment in natural resources b. low levels of saving and high levels of consumption c. investment in human resources and technology d. lax enforcement of property rights
If a firm has two production alternatives and the price of one decreases, this will cause the other good's
A. supply curve to shift to the left. B. supply curve to shift to the right. C. demand curve to shift to the right. D. demand curve to shift to the left.
The production possibilities curve can shift inward when
A. a country experiences a natural disaster. B. employment increases. C. the stock of productive capital rises. D. production increases.