Defining a market involves deciding how to view
a. equilibrium supply and demand
b. normative economic analysis
c. the thing being traded, the decision makers, and the trading environment
d. suppliers, demanders, shortages, and surpluses
e. excess demand and excess supply
C
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A collusion breaks down if ________
A) a firm charges a price higher than the price set by the other colluding firms B) a firm charges a price lower than the price set by the other colluding firms C) the price set by the colluding firms equals the marginal cost of production D) the price set by the colluding firms exceeds the marginal cost of production
In the calculation of GDP by the expenditure approach, exports from the United States must be
A) subtracted because they are included in the consumption of a foreign country. B) ignored because they are not bought by U.S. citizens. C) subtracted if they are bought by foreign firms for investment purposes. D) added.
Which of the following equations describes government saving?
A) T - TR - INT - G B) T - TR - INT + G C) T - TR + INT - G D) T - TR + INT + G
A major problem with the negative income tax is that
a. low tax rates imply low break-even incomes. b. low tax rates imply high break-even incomes. c. high tax rates imply low minimums. d. All of the above are correct.