Tag: Economics – Others

government inspectors who check on quality of services provided by retailers and government requirements for licensing in various professions are both attempts to resolve the moral hazard problem

Question 1 (1 point)
Assume incomes increase, ceteris paribus. The demand for normal goods will
a none of the above
b remain unchanged.
c increased trigger a set back in pricing strategies.
e decrease

Which market is most likely to be a competitive market?
Multiple Choice
the market for gasoline in a large city
the market for electricity
the market for pediatricians
the market for public parks

QUESTION-51 pointsSave AIn a free-market economy, a product which entails a positive externality will beoverproduced.underproduced.produced at the optimal level.provided solely by the government.

Question 3 (1 point)The law of demand states that as the price of a good/service increases:
a suppliers sell more of it.
b buyers buy less of it.
c buyers buy more of it.
d suppliers sell less of it.

5. PPF represents an economy’s maximum productive capacity determined by its economic fundamentals. So Foreign’s PPF can be formulated by the equation of A L* = X* + 2Y *B

Fill in the Blank Question One person has a(n) ◻ advantage over another if their opportunity cost of performing a task is lower than the other person’s opportunity cost. (Enter one word in the blank.)

Who proposed that access to large markets via water caused nations to specialize and innovate which led to economic wealth?
Question 6 options:
Adam Smith
Karl Marx
Milton Friedman
John Maynard Keynes

When the supply for a good decreases, consumers respond by:
increasing their preferences for the good.
decreasing their quantity demanded.
decreasing their demand.
purchasing more complementary goods.

Who was the only president who had a perfect relationship with the press?
Group of answer choices
Answer choices
No president has had a perfect relationship with the press
Bill Clinton
George Washington
Richard Nixon