Market failures include all of the following EXCEPT
A) equalization of quantity supplied and quantity demanded.
B) public goods.
C) positive externalities.
D) negative externalities.
A
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Total revenue
a. always increases as price increases. b. increases as price increases, as long as demand is elastic. c. decreases as price increases, as long as demand is inelastic. d. remains unchanged as price increases when demand is unit elastic.
Which is not a key economic question?
a. What goods and services should be produced? b. How should these goods and services be produced? c. Who consumes these goods and services? d. How should these goods and services be paid for?
The "Buy American" provision in the 2009 stimulus package required that stimulus money be spent only on U.S.-made goods, effectively acting as a quota of zero imports when stimulus money was being spent. For the U.S. steel industry, a "Buy American"
provision would create gains for all of the following except A) U.S. steel companies. B) U.S. taxpayers. C) U.S. steel workers. D) All of the above would gain from the provision.
The price index that measures the prices of goods and services purchased by firms is called the:
A. producer price index. B. purchasing power index. C. retail sales index. D. consumer price index.