Give an example of government intervention that is intended to reduce an externality
Laws that restrict the smoking of cigarettes in public places
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Arbitrage refers to the act of
A) buying a product in one market at a low price and reselling in another market at a higher price. B) suing a producer for illegal business practices. C) trading in the foreign exchange market. D) resolving a dispute in front of an arbitrator instead of a court of law.
Peru has exports of $31.5 million and imports of $30 million. Peru
a. sells more overseas then it buys from overseas; it has a trade deficit. b. sells more overseas then it buys from overseas; it has a trade surplus. c. buys more from overseas then it sells overseas; it has a trade deficit. d. buys more from overseas then it sells overseas; it has a trade surplus.
Firms in all types of market structures pay attention to current rival firms' behavior
Indicate whether the statement is true or false
When plotted with the aggregate price level on the vertical axis and output on the horizontal axis, which of the following curves slopes downward?
A. SRAS B. AD C. LRAS D. None of the above