Each of the following is a characteristic of perfect competition except
A. licenses, control of vital resources and government franchises are common.
B. perfect knowledge.
C. a lack of differentiation among products.
D. many firms.
A. licenses, control of vital resources and government franchises are common.
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The use of fiscal policy to stabilize the economy is limited because
A) changes in government spending and tax rates have a small effect on interest rates. B) the Internal Revenue Service (IRS) resists changes in tax rates because of all the changes they would have to make to the tax code. C) changes in government spending and tax rates have a small effect on aggregate demand. D) the legislative process can be slow, which means that it is difficult to make fiscal policy actions in a timely way.
A trade surplus could be balanced by all of the following except
a. borrowing from domestic citizens. b. selling domestic assets to foreigners. c. borrowing from foreigners. d. selling foreign assets already owned by U.S. citizens to foreigners.
During expansions
a) sales and profits rise. b) sales rise, but profits fall. c) sales fall, but profits rise. d) sales and profits fall.
Total economic surplus will be ________ in nations with well-defined property rights than in nations with poorly-defined property rights.
A. lower B. no different C. less predictable D. higher