1. What is another name for opportunity cost
2. In a socialist economy, what are the prices of a commodity determined by
3. What is the difference between money cost and real cost of an item
4. In which economic system do we have mostly private ownership of resources and individual decision making
5. Find the median of the following set of numbers: 8, 9, 6, 5, 10
6. A business outfit is said to be public limited liability company when it

Minneapolis federal reserve bank economist edward prescott estimates the elasticity of the u. s. labor supply to be 3. given this elasticity, what would be the impact of funding the social security program with tax increases on the number of hours worked and on the amount of taxes collected to fund social security?

Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.

Stock market crashes happen when the value of most of the stocks in the stock market increase at the same time. question 10 options: true false