Which of the following is necessary for efficient markets?
A) Positive externalities
B) Negative externalities
C) Pecuniary externalities
D) Free-riding
C
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The cost of education, professional athletes’ pay, and medical services rise faster than the rate of goods and services because their average productivity has remained the same.
Answer the following statement true (T) or false (F)
An example of an in-kind transfer is
A) national defense. B) Social Security. C) low-cost public housing. D) unemployment benefits.
Vertical equity refers to the notion that equally situated individuals should be taxed equally
a. True b. False Indicate whether the statement is true or false
See the production possibility tables for Marketopia and Econlandia below.MarketopiaEconlandiaCookiesPiesCookiesPies018091012306206603300900Given this information, we know that the opportunity cost of producing pies
A. is higher in Marketopia. B. is the same in both countries. C. is higher in Econlandia. D. cannot be computed without further information.