An example of a "missing" market would be:
A. the market to buy and sell dates for a Friday night.
B. the market to buy and sell a kidney.
C. the market to buy and sell children for adoption.
D. All of these markets are missing.
Answer: D
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When the United States exports a good, the amount of the ________ in U.S. consumer surplus is ________ the amount of the ________ in U.S. producer surplus
A) increase; smaller than; increase B) increase; larger than; decrease C) decrease; smaller than; increase D) decrease; equal to; decrease
Suppose an increase in government spending stimulates real GDP without affecting the price level. What is the relevant range of the aggregate supply curve in this case?
a. The classical range. b. The intermediate range. c. The Keynesian range. d. The monetarist range.
Even if a tax imposed in a market generates a loss in surplus for the participants in that market, the tax could still increase economic efficiency if:
A. the government needs to generate tax revenue. B. the public expenditures financed by the tax lead to a big enough increase in economic surplus. C. the tax revenue is used to fund spending by local governments. D. voters approve of the tax.
One key difference between national income and net domestic product is
A. net domestic product includes indirect business taxes and transfers while national income does not. B. net domestic product represents income that is available to individuals while national income does not. C. net domestic product does not include income earned by the factors of production while national income does. D. net domestic product only includes the net additions to the economy's stock of capital while national income does not.