Which of the following statements is inaccurate?
A. Ideally, the market mechanism will lead an economy to the optimal mix of output.
B. Voters are quick to blame government meddling for many economic woes.
C. There is substantial agreement about how and when markets fail.
D. There is substantial agreement about whether government improves market outcomes.
Answer: D
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An association of producers such as OPEC that agrees to set common pricing or output goals is referred to as a
A) cartel. B) conglomerate. C) monopoly. D) partnership.
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, the change in producer surplus brought about by the introduction of a tariff is:
A. an increase of HIJKL. B. a loss of HIJKL. C. an increase of H. D. a loss of H.
Higher future living standards require:
A. reduced rates of current consumption. B. increased rates of current consumption. C. increased rates of population growth. D. reduced rates of current investment.
Over the past few decades, the price of movie tickets:
A. has risen both in nominal terms and in real terms. B. has risen in nominal terms but has not risen in real terms. C. has fallen in nominal terms and in real terms. D. has risen in real terms but has not risen in nominal terms.