Which of the following statements is true?
A. The United States today comes closer to the socialist form of economic organization than it does capitalism.
B. When central planners set prices above equilibrium for goods and services they create shortages.
C. According to Karl Marx, under capitalism, workers would be exploited and would revolt against the owners of capital.
D. Adam Smith argued that government's role in society would be to do absolutely nothing.
Answer: C
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The figure above shows the demand for fruit snacks. Which movement reflects an increase in income if fruit snacks are a normal good?
A) from point a to point e B) from point a to point b C) from point a to point c D) from point a to point d
The external benefit of a good
A) equals its consumer surplus. B) equals its producer surplus. C) equals its total surplus. D) is a benefit from the good falling on people who are not the consumers of the good.