Which of the following contributes to the efficiency of markets?
A) Governments play an active role in the day-to-day operations of markets.
B) Markets are able to bring about an equitable distribution of goods and services.
C) Markets promote equal standards of living.
D) Markets promote competition and voluntary exchange.
Answer: D
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In monopolistic competition, there are ________
A) many firms selling products for which no good substitutes exist B) many firms selling similar but slightly different products C) many firms, each selling an identical product D) a small number of firms, each selling an identical product
A fruit packing plant usually shuts down for three months each year. During that period, what happens to its costs?
a. Its fixed costs are greater than zero. b. Its variable costs are greater than zero. c. Its total costs are zero. d. Its fixed costs are zero.
If the MPC = 0.75, then the government purchases multiplier is about
a. 1.33. b. 7. c. 4. d. 3.
If the quantity supplied of a product is less than the quantity demanded, then:
a. There is a surplus of the product b. There is a shortage of the product c. The product is an inferior good d. The product is a normal good