When economists describe "a market," they mean:
a. A hypothetical place where the production of goods and services takes place
b. Information networks that allow individuals to keep in touch with each other
c. A mechanism which coordinates actions of consumers and producers to establish equilibrium prices and quantities
d. A place where stocks and bonds are traded
c. A mechanism which coordinates actions of consumers and producers to establish equilibrium prices and quantities
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In the above figure, if a single-price monopolist maximized its profit, the deadweight loss in the market is equal to the area
A) ace. B) acg. C) ecg. D) bch.
The United States can be called a net debtor nation. This means that
A) the value of U.S. assets held abroad is worth less than the value of foreign assets held in the U.S. B) the U.S. government owes more money than it takes in. C) the value of the U.S. currency is less than the value of currencies for our main trading partners. D) the U.S. manufactures more goods abroad than it manufactures domestically.
How and why did Europe set up its single currency?
What will be an ideal response?
The insurance industry is susceptible to moral hazard problems, but not problems of adverse selection.
Answer the following statement true (T) or false (F)