The so-called "bridge to nowhere" in Alaska is an example of
A. a market failure.
B. the incentive for politicians to bring home as much federal money as possible.
C. a government failure.
D. a market failure AND the incentive for politicians to bring home as much federal money as possible.
E. the incentive for politicians to bring home as much federal money as possible AND a government failure.
E. the incentive for politicians to bring home as much federal money as possible AND a government failure.
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Firms in perfect competition are price takers because:
a. all small firms must take the price set by the largest firm in the market b. firms take the price that government determines is a "fair" price c. each firm is too small relative to the market to be able to influence price d. free entry and exit in the short run creates a constant market price in the long run e. high barriers to entry force firms to compete by charging lower prices than other firms in the industry
Refer to Table 13-2. What is likely to happen to the product's price in the long run?
A) It will fall. B) It will remain constant. C) It will increase. D) This cannot be determined without information on its long-run demand curve.
Economic variables that generally turn down before a recession begins and turn back up before the recovery starts are called:
A) leading indicators. B) coincident indicators. C) lagging indicators. D) none of the above.
Wealth
A) is the same as income. B) includes assets such as houses, stocks, and bonds. C) does not include tangible objects. D) is a flow and not a stock.