The financial crisis that started in 2007 was unusual because it started in an advanced economy, the United States
Indicate whether the statement is true or false
TRUE
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Twenty-four years before CUSTA, another agreement between the same countries covered trade in
A) textiles. B) steel. C) autos. D) agriculture. E) telecommunications.
In New York, a welfare recipient can earn $90 per month without having her benefits reduced. Beyond $90, benefits are reduced by 57 cents for every dollar of earnings. Consider Jackie, a resident of New York, who can earn $10 per hour. If she does not work at all, she is eligible for welfare benefits of $577.
(A) If she works 10 hours, how much are her work earnings, how much is her welfare benefits, and how much is her total income? (B) After Jackie works a certain number of hours, she does not receive any benefits at all. What is that number of hours?
In the case of a good that has no exclusion and no rivalry, private markets fail because
A) of free-ridership. B) this is a natural monopoly. C) profit is driven down to zero. D) the quantity produced will exceed the social optimum.
In Graph D, which of the following would cause the market curve to shift to the left?
a. a change from Q1 to P2 in Graph C
b. a change from P1 to Q2 in Graph C
c. a change from P1 to P2 in Graph C
d. a change from Q2 to Q1 in Graph C