Which of the following is an example of government failure?
A. Inefficient incentives.
B. Bureaucratic delays.
C. Required use of pollution control technology that is obsolete.
D. All of the choices are correct.
Answer: D
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Refer to Figure 10-6. A change in the price of popcorn only is shown in
A) Panel A. B) Panel B. C) Panel C. D) none of the above panels.
Refer to the above figure. A price support set at P3 will
A) lead to a surplus of Q3 minus Q1. B) lead to a shortage of Q3 minus Q1. C) lead to an equilibrium quantity of Q2. D) be ineffective.
Which of the following is not an example of a capital input? a. A person's skills and abilities, which can be employed to produce valuable goods and services. b. Factories and offices where goods and services are produced
c. Tools and equipment. d. Computers used by a company to record inventory, sales, and payroll.
According to the theory of rational expectations, errors in predicting inflation will
A. be biased upward more often than not. B. be purely random. C. tend to be biased downward when inflation is rising and tend to be biased upward when inflation is falling. D. tend to be biased upward when inflation is rising and tend to be biased downward when inflation is falling.