Suppose domestic automobiles were allocated in the United States the way public education is allocated. Describe how this system might work

The country would be divided into thirds. One region would have to buy Chryslers; another, Fords; and the other, Chevrolets. You could only buy the type of car allowed in your region. If you wanted to buy a foreign car, you could, but you would also have to pay for a domestic car. Even if you didn't drive, you would still have to pay for a car.

Economics

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A transaction cost associated with spot trading is:

a. travel to and from the market. b. shipping costs. c. brokerage commissions. d. the spread, which is earned mostly by large banks.

Economics

The demand curve of a commodity slopes downward because of:

a. the insatiable nature of human wants. b. the presence of double coincidence of wants. c. the law of demand. d. the scarcity of goods and services in an economy. e. the law of diminishing marginal utility.

Economics