Economic analysis suggests that gains from specialization and exchange
a. will not be realized unless a central planning authority requires that all goods be produced by the low opportunity cost supplier.
b. will be realized if individuals are allowed to pursue goals that are in their own self-interest.
c. will not be realized unless business firms employ economists when making decisions about the proper combination of resources to utilize in the production process.
d. will be realized if individuals place the public interest above the pursuit of their own self-interest.
B
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Which one of the following statements is MOST accurate?
A) In general, consumption demand rises by less than disposable income. B) In general, consumption demand rises by more than disposable income. C) In general, consumption demand rises by more than income. D) In general, consumption demand rises by the same amount as disposable income rises. E) In general, consumption demand rises are unrelated to disposable income rises.
(Consider This) Which of the following has been an effect of the U.S. government's ethanol program?
A. Prices for crops such as soybeans and sorghum have fallen dramatically. B. Prices for beef, pork, and chicken have risen. C. Water use has declined as corn is a less water-intensive crop. D. All of these effects have resulted from the ethanol program.