How does the text distinguish between government and the market?
A) The government is the place around the capital city; the market is everywhere else.
B) The government is populated with publicly-spirited people; the market is populated with selfish people.
C) The government is based on cooperation; the market is based on competition.
D) In all of the above ways.
E) In none of the above ways.
E
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When the price of a good is below its equilibrium level under perfect competition,
A. consumers would benefit from an expansion of output. B. some consumers are earning larger consumer’s surpluses than they would in equilibrium. C. the market is not operating at maximum efficiency. D. All of the responses are correct.
"The standard of living is too low for many individuals in the United States. The government should implement policies designed to achieve a more equal distribution of income." The preceding statements are
a. positive economic statements based on cause and effect. b. normative economic statements based on value judgments. c. based on the fallacy of composition argument. d. an empirically validated economic principle.
In 1997, there was a speculative attack on the Thai baht. This resulted from the:
A. belief by speculators that the Thai central bank didn't have sufficient U.S. dollar reserves to maintain the current fixed rate. B. revelation that the Thai central bank had converted its gold reserves into foreign exchange. C. belief by speculators that the Thai central bank had an oversupply of U.S. dollar reserves. D. overthrow of the Thai president and the central bank.
A monopoly can be losing money in the ____________, but not in the ____________.
A. short run; short run B. long run; long run C. long run; short run D. short run; long run