Economic efficiency is the primary guide in answering which of the fundamental questions in a market economy?
A. What will be produced?
B. How is the output to be produced?
C. How can the system accommodate change?
D. Who is to receive the output?
Answer: B
Economics
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Refer to Figure 4-8. What is the value of the portion of producer surplus transferred to consumers as a result of the rent ceiling?
A) $40,000 B) $100,000 C) $125,000 D) $140,000
Economics
If the world terms of trade equal those of country H, then
A) country H but not country F will gain from trade. B) country H and country F will both gain from trade. C) neither country H nor F will gain from trade. D) only the country whose government subsidizes its exports will gain. E) country F but not country H will gain from trade.
Economics