Marxists and leaders of communist economies actually often admire the market mechanism for its
A. efficiency in allocation of resources.
B. fairness in distribution of output.
C. maximization of net benefits for consumers.
D. effectiveness in achieving high rates of growth.
Answer: D
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The absolute price of a good is the price of that good in terms of another good
Indicate whether the statement is true or false
The Federal budget deficit is calculated each year by:
a. Subtracting government spending from government revenues b. Subtracting consumption and investment from government spending c. Adding up consumption, investment, government purchases, and net exports d. Adding up the difference between government revenues and spending over the years of the nation's existence
As a monopolist's profit-maximizing quantity moves further away from the competitive industry's profit-maximizing quantity,
A. the larger the deadweight loss in the market. B. the larger the profits of the monopoly. C. the smaller the deadweight loss in the market. D. the harder it is for the firm to stay as a monopoly.
Referring to Figure 18.2, U.S. goods will become more expensive in Mexico if the exchange rate goes from ________ to ________ pesos to the dollar.
A. 12; 11 B. 12; 13 C. 13; 11 D. 14; 10