Which of the following statements about markets is most accurate?
a. Markets are usually a good way to organize economic activity.
b. Markets are usually inferior to central planning as a way to organize economic activity.
c. Markets fail and are therefore not an acceptable way to organize economic activity.
d. Markets are a good way to organize economic activity in developed nations, but not in less developed nations.
a
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Figure 4.4 illustrates the supply of tacos. An increase in the price of ground beef, which is used to make tacos, would most likely cause a movement from
A) point a to point b. B) point c to point b. C) S2 to S1. D) S0 to S1.
Older Americans living on a pension and therefore on a fixed income tend to be made
A. better off when prices rise. B. better off when inflation rates rise. C. worse off when prices rise. D. worse off when prices fall.