The simple circular flow diagram is a ______.
a. spreadsheet of government expenditures
b. road map to successful employment
c. visual model of the economy
d. reference of stock market fluctuations
c. visual model of the economy
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Economists frequently urge governments of developing countries to replace import quotas with import tariffs as a first step in a strategy that aims to reduce import protection
What is the reasoning offered by economists to support this recommendation to developing countries?
Government regulation can improve economic efficiency if _____
a. regulators encourage uncompetitive markets to act competitively b. regulators have private information firms do not have c. regulators are able to coordinate inter-industry actions to achieve efficiencies d. regulators base their actions on the revealed preferences of market participants
In response to a price change for good Y, if the cross-elasticity of demand for good Y is positive, good X and good Y are complements
a. True b. False Indicate whether the statement is true or false
Discuss the problem of clear benefits and hidden costs related to government programs. Why can it result in inefficiency?
Please provide the best answer for the statement.