Which of the following has occurred when government directives do not produce better economic outcomes?
A. Government failure.
B. Macroeconomic failure.
C. Market failure.
D. Scarcity.
Answer: A
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Assume that two countries are considering trading with each other for the first time. Also assume that one of the countries has an absolute disadvantage in producing everything compared to the other country
How would it still be possible for these two nations to benefit from trade with each other?
In economics, the term marginal refers to
a. the change or difference between two alternatives. b. man-made resources as opposed to natural resources. c. the satisfaction a consumer receives from a good. d. holding everything else constant in the analysis.
If the wage rate were $25, how many workers would be hired?
An increase in the value of a currency relative to other currencies is called a(n):
A. evaluation. B. overvaluation. C. appreciation. D. devaluation.