Which of the following best describes efficiency in the demand and supply model?
a. The economy is receiving as much benefit as possible from its scarce resources and all the possible gains from trade have been achieved.
b. The economy is receiving as much benefit as possible from its scarce resources but not achieving all the possible gains from trade.
c. The economy is not receiving as much benefit as possible from its scarce resources but is getting all the possible gains from trade.
d. The economy is not receiving as much benefit as possible from its scarce resources and not achieving all the possible gains from trade.
a. The economy is receiving as much benefit as possible from its scarce resources and all the possible gains from trade have been achieved.
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According to this Application, the failure of including cell phones in a timely manner when calculating the CPI caused the telecommunications component of the price index
A) to become negative. B) to be biased upward. C) to be biased downward. D) to actually register no perceptible bias.
Refer to Figure 3.2. If Wilma plays North and Betty plays West, what is Wilma's payout?
A) 10 B) 15 C) 21 D) 24
Investment includes all of the following EXCEPT:
A.) The production of new factories. B.) The purchase of new machinery and equipment. C.) Money in a retirement fund. D.) Business inventories.
If total imports exceed total exports, other things being constant, then
A. net exports are negative. B. net exports are positive. C. GDP rises. D. investment rises.