Government intervention to alter market structure or prevent abuse of market power is the basic purpose of
A. Antitrust policy.
B. Social demand.
C. Government taxes.
D. Merit goods.
Answer: A
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The positive externality associated with education is:
A. producers can get higher prices for their goods and services. B. less crowding in the classrooms. C. increases in societal well-being and economic growth. D. technological progress slows as basic research increases.
Using the money demand and money supply model, show and explain why the Federal Reserve cannot achieve a target for both the money supply and an interest rate
What will be an ideal response?
The board of education of a school district faced with a surplus of teachers, but unable to lower salaries because of union contracts, will
A) be unable to balance the quantity supplied with the quantity demanded. B) have to hire fewer teachers than it wants to. C) have to hire more teachers than it wants to. D) tend to have relatively few young teachers on its payroll.
The above (incomplete) table provides information about the relationships between output and various cost measures. The marginal cost per unit when increasing output from 14 to 17 units is
A) $20. B) $30. C) $380. D) None of the above answers is correct.