Efficient markets:
A. maximize total surplus.
B. can occur without a central planner.
C. occur when a perfectly competitive, well-functioning market is in equilibrium.
D. All of these are true.
D. All of these are true.
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Refer to the above figure. Saving occurs at
A) only at point A. B) to the left of point B. C) only at point B. D) to the right of point B.
The deregulation of the long distance trucking, long distance phone calling, banking, and the airline industries was carried out under Presidents ___________ and ___________.
Fill in the blank(s) with the appropriate word(s).
According to comparative advantage, a nation should
A) Specialize in the production of the good with the least disadvantage. B) Not import any goods if it does not have a relative disadvantage. C) Import only the goods where the nation has a disadvantage. D) Not produce any goods if the nation is at relative disadvantage.
A firm dumps dioxin in a river, thereby severely polluting the river. The cost of the water pollution is i. zero for the firm. ii. an external cost. iii. part of the marginal social cost
A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii