Market failures ________ and generate ________
A) compel the government to act; regulations
B) create monopolies or oligopolies; deadweight loss
C) reduce economic efficiency; deadweight loss
D) create deadweight loss; externalities
C
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If people are self-interested, why does anyone give money to public radio?
Which of the following claims is consistent with the views of mainstream economists?
a. If we increase the rate of inflation from 3 percent to 6 percent, then the rate of unemployment will temporarily fall. b. If we increase the rate of inflation from 3 percent to 6 percent, then the rate of unemployment will temporarily rise. c. If we increase the rate of inflation from 3 percent to 6 percent, then the rate of unemployment will permanently fall. d. If we increase the rate of inflation from 3 percent to 6 percent, then the rate of unemployment will permanently rise.
Refer to the information provided in Table 8.3 below to answer the question(s) that follow.
Table 8.3
Refer to Table 8.3. If the firm is in a perfectly competitive industry with a market price of $30 per unit, the firm will produce ________ units and earn a profit of ________.
A. three; $20 B. four; $20 C. five; $30 D. four; -$20
Who among the following provides a productive service?
A) Bill, a talented software developer B) Monica, a paid Washington, D.C. intern C) Buggs, an illicit drug smuggler D) All of the above.