In a market system, which of the following is a symptom of market failure?
a. competition
b. falling prices
c. scarcity of resources
d. air pollution that those exposed object to
d
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If the marginal leakage rate is 0.2, then a $300 fall in autonomous planned expenditures will shift the IS curve leftward by the amount of
A) $300. B) $1500. C) $75. D) $600.
The effects of the negative supply shocks of 1973, 1979 and 2007 were different due to the ________
A) role played by rational expectations in the 1979 event B) different sources of the supply shocks C) credibility of the monetary authorities D) different individuals who led the Federal Reserve System
Prior to 1984, which of the following groups were exempted from the Social Security program?
a. federal workers b. Teamsters c. members of Congress d. a and c
What type of relationship exists between expected future income and consumption?
A. Negative B. Positive C. Indirect D. Constant