In markets with ____________________ & investment value revelation, all transactions take place at true market value.
Fill in the blank(s) with the appropriate word(s).
Ans: perfect competition
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Why would workers and retirees want to have their wages and benefits indexed to the Consumer Price Index (CPI)?
a. To lower their purchasing power during years of rising prices b. To maintain their purchasing power during years of rising output c. To maintain their purchasing power during years of declining output d. To increase their purchasing power during years of negative inflation e. To maintain their purchasing power during years of rising prices
Briefly discuss the primary features of the mercantilist philosophy. Mention two major criticisms of the mercantilist theory as put forward by Adam Smith and other economists.
What will be an ideal response?
Explain what is meant by economic efficiency. Does efficiency imply that the fastest production processes or the most powerful equipment must always be used? Explain
What will be an ideal response?
Lorenz curves tell us about the
A. absolute distribution of income. B. poverty line. C. incidence of malnutrition. D. relative distribution of income.