Which of the following help to correct for the market failure of imperfect information?
A. medical licensing
B. truth-in-advertising regulations
C. used car warranties
D. All of the above are correct.
Answer: D
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Gross domestic product does not measure
A) the sum of the value added by producers at each stage of the production process. B) the total income received by producers for the services they supply. C) the total purchases of newly-produced final goods. D) the total welfare of the noninstitutional population.
In 1950 there were 16 individuals contributing to Social Security for every one person collecting benefits
a. True b. False
Allocative efficiency occurs in markets when
a. marginal benefit and marginal cost for the last unit sold are equal b. resources can be reallocated to increase the value of total output c. goods are produced at the minimum of average total cost d. goods are distributed evenly among consumers e. government establishes price ceilings below the market price
Figure 18-1
According to the graph in Figure 18-1, the increase in the amount that consumers pay as a result of the tax is
A. 1,000.00 B. 600 C. 400 D. indeterminate.