Which of the following could be responsible for an increase in the price of wheat?
a. an increase in the supply of wheat
b. an increase in the demand for wheat
c. a decrease in the demand for wheat
d. a simultaneous increase in supply and decrease in demand for wheat
b
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Which of the following is a basic assumption of an economic analysis?
a. Private property rights exist and are secure b. A controlled market structure is the key to economic growth. c. In a free market, resources are owned by the government. d. There are no private property rights under a free market economy. e. Social well-being is the prime objective of an entrepreneur.
The invention of the Internet should make poorer countries
a. poorer due to the expense of new technology. b. poorer because the Internet is primarily in richer countries. c. richer because technology adoption is easier. d. richer because they can distribute information without costs.