In a laissez-faire economy, the price system plays a key role in
A. selecting outputs.
B. selecting inputs.
C. distributing outputs.
D. All of the responses are correct.
Answer: D
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The current account balance equals
A) net exports + net transfers + net interest. B) net exports + net transfers. C) net exports - net transfers + net interest. D) net exports - net transfers - net interest. E) net exports + net transfers - net interest.
Explain why international trade is less important to the United States than it is to many other countries
What will be an ideal response?
In what three ways do people use their time?
a. market work, selling labor in the labor market, and leisure b. producing their own goods and services, nonmarket work, and market work c. nonwork, work, and leisure d. market work, nonmarket work, and leisure e. market work, nonwork, and leisure
When a monopolist is able to price-discriminate: a. its profits tend to increase and its output tends to fall. b. both its profits and output tend to increase
c. both its profits and output tend to decrease. d. its profits tend to fall and its output tends to increase.