The two most important rationales for government intervention in non-monopolistic markets are
A) market failure and asymmetric information.
B) substandard products and job creation for public employees.
C) job creation and income maintenance.
D) unfair pricing and usury.
A
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A business fluctuation when the pace of business activity is speeding up is known as
A) a contraction. B) a trough. C) an expansion. D) a recession.
If the federal government brings in $1.1 trillion in tax revenues and spends $0.7 trillion, the government has a budget:
A. deficit of $0.4 trillion. B. surplus of $0.4 trillion. C. deficit of $1.8 trillion. D. surplus of $1.1 trillion.
Each of the following is a requirement of a gold standard except
A. a nation defines its currency in terms of gold. B. a nation's money supply is made up of gold or gold certificates. C. a nation must maintain a fixed ratio between its gold stock and its money supply. D. there must be no barriers to the free flow of gold into and out of the country.
If period 1 is the base year, the bundle price of goods in period 1 is $200, and the bundle price of goods in period 2 is $240, the period 2 price index is
A. 80.0. B. 83.3. C. 116.7. D. 120.0.