The economic system characterized by private ownership of resources and by markets is:
A. capitalism.
B. communism.
C. fascism.
D. socialism.
Answer: A
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Plastic and steel are substitutes in the production of body panels for certain automobiles. If the price of plastic increases, with other things remaining the same, we would expect:
A) the price of steel to fall. B) the demand curve for steel to shift to the right. C) the demand curve for plastic to shift to the left. D) nothing to happen to steel because it is only a substitute for plastic. E) the demand curve for steel to shift to the left.
According to marginal analysis, you should spend more time studying economics if the extra benefit from an additional hour of study:
a. is positive. b. outweighs the extra cost. c. exceeds the benefits of the previous hour of study. d. will raise your exam score.