In 1991, what group of countries began the process of forming the largest free-trade zone in the world?
A. the United States, Canada, and Mexico
B. the North Atlantic Treaty Organization
C. the European Community
D. the Organization of Petroleum Exporting Countries
Answer: C
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A competitive market with no externalities is efficient when it is in equilibrium because
A) total benefit equals total cost. B) marginal benefit equals marginal cost. C) consumer surplus equals producer surplus. D) the sum of consumer surplus plus producer surplus is minimized. E) the deadweight gain equals its maximum.
In a given year, a country's GDP = $3843, net factor payments from abroad = $191, taxes = $893, transfers received from the government = $422, interest payments on the government's debt = $366, consumption = $3661, and government purchases = $338
Calculate the values of private saving, government saving, and national saving.
In the perfectly competitive market, individual firms exert no effect on the market price. Therefore, the firm's marginal revenue curve is:
a. indeterminate. b. an upward-sloping curve. c. a downward-sloping curve. d. the same as the firm's demand curve.
2 tools of fiscal policy used to positively stimulate the economy:
What will be an ideal response?