Laura Spears is a public school teacher. She produces a(n)
a. merit good
b. transfer payment to children
c. public good
d. nonexcludable good
e. entitlement
A
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In perfect competition
A) many firms sell slightly different products to many buyers. B) sellers are better informed about the prices than buyers. C) firms face no restrictions on entry into market. D) established firms have advantage over new ones.
Stabilization policy may be necessary to modify or counteract volatile changes in aggregate demand
a. True b. False Indicate whether the statement is true or false
The trade philosophy of the Clinton administration is best characterized as
a. protectionist. b. mercantilist. c. free trade. d. strategic trade.
Rick goes to work 8 hours per day, but while he is at work he spends most of his time visiting internet sites monitoring his fantasy football teams. This is an example of
a. the Condorcet Paradox. b. signaling. c. moral hazard. d. screening.