Government may intervene in markets
a. to regulate firms like public utilities.
b. directly, like creating a public service like the delivery of mail.
c. indirectly, like planning an d funding multipurpose water projects that provide electricity, flood control and irrigation .
d. All of the above are ways government may intervene in markets.
d. All of the above are ways government may intervene in markets.
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The export of wheat will be included in the calculation of GDP using the ________ method
A) income B) expenditure C) investment D) production
The absolute price elasticity of demand for a vertical demand curve
A) is infinite. B) is 1.0. C) is 0. D) depends on where one is on the demand curve.
Which of the following is true? a. Even intangible goods can be subjected to economic analysis
b. Wealthy individuals who decide to donate money to charity face the constraints of scarcity. c. Increases in production would not enable us to eliminate scarcity. d. All of the above
A budget deficit exists if government spending ________.
is less than tax revenue (government budget surplus) is more than tax revenue. equals to tax revenue it is impossible to have a budget deficit