Which of the following statements about markets is not true?
a. A market is an impersonal mechanism.
b. Markets coordinate the independent decisions of buyers and sellers.
c. Markets reduce the transaction costs of exchange.
d. More specialized markets are generally found in urban areas.
e. All markets provide the same amounts of information.
E
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In Figure 4-9 above, suppose LMA shifts to LMB. The distance from points A to L tells us
A) the change in income given zero interest responsiveness of Ap. B) the change in income resulting from the interest rate falling to its value at point B?. C) how much the money supply increased in producing the LM shift. D) the change in income that by itself raises the demand for money by as much as the money supply rose.
If markets are Pareto efficient,
a) no one benefits from redistribution b) redistribution is a zero-sum game c) arbitrage opportunities exist d) resource allocation is sub-optimal e) resources are fully utilized but output remains unsold
A progressive tax system is one in which tax rates rise as incomes rise.
Answer the following statement true (T) or false (F)
Much of a person's increased productivity can be linked to
A. on-the-job training. B. the income elasticity of demand for the product. C. the prevalent marginal tax rate. D. the price elasticity of demand for the product.