Which of the following would a person who believed in the doctrine of laissez faire disapprove of?
(A) The invisible hand of the marketplace.
(B) Government funding of education.
(C) Self-interest as the motivating force in the free market.
(D) Consumer sovereignty.
Ans: (B) Government funding of education.
Economics
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Refer to the above figure. If the farmer is producing 4,000 bushels of beans and 38,000 bushels of wheat, then we know the farmer
A) is using resources efficiently. B) is producing too much wheat. C) is inefficient because point a is the most efficient point on the curve. D) must be using more resources than were assumed available in constructing the graph.
Economics
An income effect comes about because a price reduction of one product increases a consumer's real income.
Answer the following statement true (T) or false (F)
Economics