Economic analysis and policy are made more difficult by
A. having so much data to work with.
B. inadequate and imperfect information.
C. an incomplete consensus on the basic goals of social policy.
D. the lack of public interest and opinion on economic questions.
E. the major economic problems society faces.
Answer: B
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In a competitive market for a private good with no price or quantity regulations, no external cost nor external benefit, low transactions costs, and no taxes or subsidies,
A) the allocation of resources is planned by the government. B) production is organized by government organizations. C) efficiency can be attained in the market with no government intervention. D) efficiency is usually be achieved by majority rule. E) efficiency is generally obtained by using a command system.
A recent study by Andrew Rose of the University of California showed that, on average, two countries that are members of the same currency union
A) trade three times as much with each other as countries that do not share a currency. B) trade twenty times as much with each other as countries that do not share a currency. C) trade ten times as much with each other as countries that do not share a currency. D) trade six times as much with each other as countries that do not share a currency. E) trade twice as much with each other as countries that do not share a currency.
According to the quantity theory of money, the quantity of money determines the
a. interest rate. b. level of real output. c. price level. d. level of employment.
Even ideal cartels tend to be unstable because
a. firms typically prefer competition to collusion as competition, because it leads to more profits. b. collusion leads to lowest possible overall profits in the industry. c. oligopolistic managers are extremely risk loving. d. firms can benefit by secretly selling more than they promised the other firms e. all of the above