Contestable markets require that there be multiple participants in the marketplace
Indicate whether the statement is true or false
F
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The slope of a production possibilities frontier
A) is always varying. B) measures the opportunity cost of producing one more unit of a good. C) has no economic relevance or meaning. D) is always constant.
A government action that can help correct positive externalities is
A) a tax on producers of the good that provides external benefits. B) a subsidy to consumers of the good that provides external benefits. C) an effluent fee charged to producers of the good that provides external benefits. D) regulations aimed at reduced production by sellers of the good that provides external benefits.
The price of a good will tend to rise when
a. there is excess demand for the good. b. the supply of the good increases. c. demand for the good decreases. d. there is excess supply of the good.
The three duties of government, according to Adam Smith, are (1) _____, (2) _____ and (3) _____.
Fill in the blank(s) with the appropriate word(s).