9. Equity means that: everyone gets his or her fair share of the goods and services produced. B) more of all goods and services may be produced. C ) everyone gets an efficient share of the goods and services produced. D) more of some goods and services can be produced only if the production of others is reduced. 10. The shoes will decrease when the price of shoes rises. A) equilibrium of B) supply of C) demand for D) quantity demanded of 1 1. Which example would be considered a black market transaction? A) the oil market B) a tenant in a rent-controlled apartment subletting (subleasing) at a higher rent C) the purchase of an inferior radio at a department store D) waiting in line during the gasoline shortages of the 1970s 12. Which statement is normative? A) The federal minimum wage is higher today than it was in 1990. B ) The best way to encourage growth in the economy is through government spending. C) Women's labor force participation rate has increased during the past 100 years. D) Children in the United States are required to go to school until they reach a certain age. 13. The market for Jersey corn is considered to be competitive. This means there are buyers and sellers. A) many; many B) many; few C C) few; few D) few; many 14. If people demand more of product A when the price of B falls, then A and B are: A) complements. B) not related. C) inferior goods. D) substitutes. 15. All points on the production possibility frontier are: A) infeasible. B) efficient. C) regions of economic growth. D) inefficient. 16. A pie-baking contest offers the winner a ribbon, a $1,000 check, and the opportunity to be featured in the local newspaper. The contest organizers are using (a) _ incentive(s). A) social B) financial C) moral and social D) financial and social 17. If an economy produces the desired mix of goods from its available resources, then this mix of goods is: A) productively efficient. C) both productively and allocatingly efficient. B ) neither productively nor allocation efficient. D) allocationy efficient. 18. Economists define an efficient use of resources as a situation in which: A ) all persons receive an equal share of the resources. B ) one person can be made better off but only by making another person worse off. C) all persons are made worse off when one person is made better off. all persons can be made better off without making anyone worse off. 19. If two of a producer's goods are substitutes in production, this usually means that the producer (with a fixed set of resources) will need to reduce production of one good when she produces: A) more of the other good. B) Neither: she will be able to produce more of both. C) less of the other good