The idea of government failure includes all of the following except:
A) bureaucratic inefficiency.
B)extensive positive externalities from public and quasi-public goods.
C) special-interest effect.
D) pressure by special-interest groups.
B)extensive positive externalities from public and quasi-public goods.
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Use the figure below to answer the following question.
If the output level is Q1, then there is missing surplus indicated by the area
A. 0abe. B. ecf. C. 0eQ1. D. bce.
If Asian economies suffer a serious economic slump, U.S. net exports will
A. increase and AD will shift outward. B. increase and AD will shift inward. C. decrease and AD will shift inward. D. decrease and AD will shift outward.
Scarcity
a. exists because people have wants that are unlimited relative to the availability of resources to satisfy those wants b. applies when a resource is not freely available c. means that each society and each individual must make choices d. exists in all societies e. all of the above are true
In the situation described below, we would expect an:
It is the custom for paper mills located alongside the Layzee River to discharge waste products into the river. As a result, operators of hydroelectric power-generating plants downstream along the river find that they must clean up the river's water before it flows through their equipment. A. Overproduction of paper in the mills B. Underproduction of paper in the mills C. External cost resulting from the production of hydroelectric power D. Attainment of allocative efficiency in the market