The European Union is an example of ________ integration.
A) regional
B) relative
C) global
D) bilateral
A) regional
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The demand curve represents the buyer's side of the marketplace
Indicate whether the statement is true or false
One difficulty in using voluntary transactions to internalize externalities is that
A) people are motivated by self-interest and are often unwilling to engage in a transaction that might make another person better off. B) the government usually will not enforce contracts of this type. C) transaction costs of coming to an agreement can be very large when numerous people are involved. D) people usually don't understand what the real opportunity costs are that they face.
Profit per unit can be expressed as price - cost per unit
a. True b. False Indicate whether the statement is true or false
Suppose OPEC succeeds in raising world oil prices by 300 percent. This price increase causes inventors to look at alternative sources of fuel for internal-combustion engines. A hydrogen-powered engine is developed which is cheaper to operate than gasoline engines. Which problems in the construction of the CPI does this situation represent?
a. substitution bias and introduction of new goods b. introduction of new goods and unmeasured quality change c. substitution bias and unmeasured quality change d. income bias and substitution bias