Category: Economics

The Supreme Court has held that the Sentencing Guidelines:
must be followed closely in cases of crimes by corporations.
are unconstitutional.
must be followed closely in criminal cases.
are advisory.

➤ When do real markets resemble the perfect-competition idea of price takers?
Markets approximate price-taking when many sellers offer standardized products and many buyers exist. Agricultural commodity markets, some wholesale exchanges, and competitive segments of financial markets can behave this way. Key conditions include low product differentiation, accessible markets, and minimal barriers to entry.

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The purchasing power parity for a country is adjusted (up or down) depending upon whether a country’s cost of living is lower or higher than the cost of living in the United States.True or False

➤ Why did mercantilism advocate protecting domestic industries instead of free trade?
Mercantilism stressed accumulating bullion and maintaining a trade surplus. Leaders believed government control and export promotion added national wealth and power. They lacked modern ideas like comparative advantage and feared dependence on foreign suppliers. States thus used tariffs and monopolies to favor exports, support strategic industries, and retain specie at home.

Which of the following is a determinant of demand?
Income
Technology
Producer expectations
Resource prices
A change in the number of buyers is a determinant of market(Use only one word for the blank.)

How to solve Question 4An outcome is said to be efficient if an economy is conserving the largest possible quantity of its scarce resources whilestill meeting the basic needs of society.TrueFalse