Prices usually reflect
a. only the value of a good to society.
b. only the cost to society of making a good.
c. both the value of a good to society and the cost to society of making the good.
d. neither the value of a good to society nor the cost to society of making the good.
c
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Who gains from a law requiring people who want to enter the taxicab business to prove they are thoroughly competent, honest, and reliable before they can obtain a license?
A) Local people who use taxicabs frequently and regularly B) Local people who use taxicabs only occasionally C) Out-of-town visitors who use taxicabs D) Owners of taxicab licenses E) Potential owners and operators of taxicabs who are members of minority races
In autarky,
a. each country's consumption possibilities are the same as its production possibilities b. equilibrium is attained with the maximum gains from specialization and trade c. equilibrium is attained with the maximum amount of international trade d. a nation has such a high standard of living that there are technically no poor people e. a nation is governed by an individual with absolute authority