While GDP includes what is spent on environmental protection, healthcare, and education, it does not include _________ levels of environmental cleanliness, health, and learning.
a. actual
b. historical
c. future
d. planned
a. actual
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The imperfect capital market justification for infant industry promotion
A) assumes that new industries will tend to have low profits. B) assumes that infant industries will soon mature. C) assumes that infant industries will be in products of comparative advantage. D) assumes that banks can allocate resources efficiently. E) assumes that developing country will reward the donor country.
After a major ice storm left 90,00 . New York utility customers without power in January 1998, generators that normally sold for $500 were being sold for as much as $3,000 . New York law prohibits raising prices for necessities in emergency situations
Elevated prices prompted the State Attorney's office to promise to prosecute price gougers. a . Explain how this law prevents markets from clearing. Does it create a price floor or a price ceiling? b. How might antiprice gouging legislation actually work to keep people cold longer?
Rent-seeking activity by firms
a. often wastes economic resources. b. increases economic efficiency. c. continues even when an industry is in long-run competitive equilibrium. d. increases the total amount of economic rent available.
Free trade
What will be an ideal response?