The type of good that is most likely to be subject to market failure is:
A. a public good.
B. a private good.
C. an uncommon resource.
D. a factor of production
A. a public good.
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A Texas household receives a Social Security check for $1500, which it uses to purchase a $40 pair of shoes made in Thailand by a Thai firm, a $1240 television made by a Korean firm in Korea, and $220 on groceries from a local store. As a result, U.S. GDP
a. increases by $40. b. increases by $220. c. increases by $280. d. increases by $1500.
Which one of the following macroeconomic theories is most closely associated with the Laffer curve?
A. Monetarism B. New classical economics C. Keynesian economics D. Supply-side economics
Tests for statistical significance must be performed
A. because the TRUE values of the intercept and slope parameters are random variables. B. because the ESTIMATED values of the intercept and slope parameters are not, in general, equal to the true values of the intercept and slope parameters. C. because the computed t-ratios are random variables and may be too large to provide evidence that b is not equal to zero. D. in order to determine whether or not the parameter estimates are far enough away from zero to conclude that the true parameter values are not equal to zero. E. both b and d
The Sweet Success Bakery sells 500 cakes at a price of $10 per cake. Its total economic costs for producing 500 cakes are $500. The Sweet Success Bakery's economic profits are
A. $100. B. $3,500. C. $4,500. D. indeterminate from this information.