The creation of new property forms (such as privatizing a public beach) is one answer to __________ because it would reduce _________
a. government failure; market failure
b. market failure; government failure
c. the creation of third parties; public choice
d. dealing with externalities; the number of third parties
e. the inefficiencies of the market; special interests
D
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Which of the following best describes comparative advantage?
A) using the fewest number of resources to produce a given amount of output B) being able to produce more output than any other country C) having the largest number of resources compared to other countries D) forgoing the fewest units of one product to produce a unit of another product E) It is the same as absolute advantage.
For a monopsonist, the marginal labor cost is always
a. equal to the wage rate b. less than the wage rate c. greater than the wage rate d. the same as the labor supply e. the same as the labor demand
What is microfinance, and how can it contribute to economic growth?
What will be an ideal response?
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.