________ occurs when economic benefits are distributed fairly
A) Productive efficiency B) Equality
C) Allocative efficiency D) Equity
D
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According to strategic trade policy, international trade largely involves firms which:
a. enjoy monopolistic power in the domestic market. b. has a high initial cost of production. c. pursues economies of scale. d. experiences diseconomies of scale. e. generates adequate employment in the domestic economy.
When the Fed sells bonds in the open market, in the product market (the aggregate demand- aggregate supply model),
A) real GDP will fall and the price level will rise. B) real GDP and the price level will rise. C) real GDP and the price level will fall. D) real GDP will rise and the price level will fall.
Voluntary exchange between buyers and sellers generates ________ in a market economy
A) scarcity B) allocative efficiency C) productive efficiency D) equity
Bananas and apples are substitutes. When the price of bananas rises, and a technological advance in apple production occurs at the same time
A) the equilibrium price of apples rises and the equilibrium quantity of apples falls. B) the equilibrium price of apples rises and the equilibrium quantity of apples might rise or fall. C) the equilibrium quantity of apples rises and the equilibrium price of apples might rise or fall. D) the equilibrium price of apples rises and the equilibrium quantity of apples rises.