Markets can fail to achieve efficiency when
a. there are prices consumers do not think are fair.
b. there are wages workers do not think are fair.
c. trade puts people out of work.
d. there are markets with imperfect competition.
d
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If European economies enter a recession,
A) U.S. aggregate demand decreases and the U.S. AD curve shifts rightward. B) the quantity of real GDP demanded in the United States decreases and there is a movement down along the U.S. AD curve. C) U.S. aggregate demand decreases and the U.S. AD curve shifts leftward. D) the quantity of real GDP demanded in the United States increases and there is a movement up along the U.S. AD curve. E) U.S. aggregate demand increases and the U.S. AD curve shifts rightward.
The figure shows the market for books before and after a sales tax is introduced. The tax on books is ________ a book, buyers pay ________ of tax per book, and the government's tax revenue is ________ a week
A) $1.20; $0.80; $128 B) $0.80; $1.20; $12 C) $0.40; $0.40; $4 D) $1.20; $0.80; $12
Tallulah is a German citizen who works for Volkswagen located in Fresno, California. Tallulah's work contributes to:
A. German GDP, but not U.S. GDP. B. U.S. GNP, but not U.S. GDP. C. U.S. GDP, but not U.S. GNP. D. German GDP and U.S. GNP.
Where the monopolistically competitive firm in Figure 8.5 produces, it will:
A. make a positive economic profit. B. suffer a loss. C. make zero economic profit. D. make a negative economic profit.