Prices
a. solve the problem of distribution of products among consumers.
b. act as rationing devices.
c. under laissez faire produce an efficient allocation of resources.
d. do all of the above.
d
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Which of the following would increase the GDP of the United States?
a. A resident of California buys a case of wine from a winery in France. b. A resident of Germany buys a software program from a company in Washington. c. A resident of Florida spends $3,000 on a vacation in Mexico. d. A Japanese investor purchases 100 shares of a computer company located in Illinois.
Refer to the above figure. A movement from point A to point B for a good is most likely a result of
A. a decrease in the price of that good. B. an expectation of an increase in the relative price of that good. C. an increase in the price of that good. D. an expectation of a decrease in the relative price of that good.